Firm Advises Axis Bank in its US$1.77B Qualified Institutional Placement of Shares

Axis Bank Limited, one of India’s largest private sector banks, recently closed a US$1.77 billion Qualified Institutions Placement (“QIP”) to raise funds to enhance its capital adequacy, in accordance with the regulatory requirements, for its growth strategy and for general corporate purposes. The offering was oversubscribed and anchored by several foreign portfolio investors, domestic mutual funds, and insurance companies. 

Latham & Watkins LLP represented Axis Bank in the offering with a corporate team led by Singapore partner Rajiv Gupta, with Singapore associates Sarah Soh and Jairo Carvalho Lamatina. Advice was also provided on bank regulatory matters by New York partners Courtenay Myers Lima and Alan Avery, with New York associate Pia Naib; on tax matters by New York partners Jiyeon Lee-Lim and Gregory Hannibal, with New York associates Ron Moore and Lauren Bewley; on Investment Company Act matters by Chicago partner Nabil Sabki, with Chicago associate John Reinert.