Shardul Amarchand Mangaldas & Co. Advises on the Offer for Sale for the Indian Oil Corporation Limited

Shardul Amarchand Mangaldas & Co. acted as the Indian counsel to Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, Nomura Financial Advisory & Securities (India) Private Limited, JM Financial Institutional Securities Limited and Kotak Securities Limited (brokers).

The transaction was led by Mr. Prashant Gupta, Partner. His team included Mr. Sayantan Dutta, Partner and Ms. Shraddha Krishnan, Associate.

The INR 9,379 crore deal involved sale of 24,27,95,248 equity shares, constituting 10% of the equity shares of Indian Oil Corporation Limited (“Company”) by its promoter, the President of India, acting through and represented by the Ministry of Petroleum and Natural Gas, Government of India (“Seller”), pursuant to an Offer for Sale through the Stock Exchange Mechanism (“OFS”). The offer for sale was carried out on August 24, 2015.

Khaitan & Co. and Baker & McKenzie acted as the Indian and international legal counsels to the Seller, respectively. Jones Day acted as the international legal counsel to the brokers.

About Shardul Amarchand Mangaldas & Co. (SAM & Co.)

Shardul Amarchand Mangaldas & Co. (SAM & Co.) is one of India’s leading full service law firms. Founded on almost a century of legal achievement, SAM & Co. reconstituted in May 2015 and has started anew. The Firm is known for its exceptional Mergers & Acquisition, Competition Law, Dispute Resolution & Arbitration, Regulatory Litigation, Capital Markets and Private Equity practices globally.

Its mission is “enabling business by providing solutions as trusted advisors through excellence, responsiveness, innovation and collaboration”. The Firm has been at the helm of major headline transactions and litigations in all segments of industry and business besides representing major trans-national corporates on their India entry and business strategy.

Headed by eminent practitioners Shardul Shroff and Pallavi Shroff, the Firm has more than 350 lawyers, including 65 partners across its six offices in India, which include – New Delhi, Mumbai, Gurgaon, Ahmedabad, Bengaluru and Kolkata.