Linklaters advised its long-standing client State Bank of India (SBI), the largest banking and financial services organisation in India, on its qualified institutional placement (QIP) of shares, raising INR 250bn (approximately US$2.9bn). This transaction represents the largest QIP to date in the Indian equity capital markets.
The QIP received strong demand, being oversubscribed by more than four times, and attracted participation from a diverse range of leading global investors. This robust appetite for SBI shares highlights international confidence in the ongoing growth of India’s financial services sector and demonstrates the substantial depth and attractiveness of India’s banking industry for both global and domestic institutional investors.
SBI plays a pivotal role in India’s banking and financial landscape, serving millions of customers through a broad network of branches and international offices. SBI has diversified businesses in the financial sector, including asset management, investment banking, factoring and commercial services, treasury operations, credit cards, payment services, as well as life and general insurance.
The Linklaters team was led by partner and head of India practice Amit Singh, with support from managing associate Calvin Soon as well as associates Rushil Oberoi and Edward Lee.
Linklaters’ head of India practice Amit Singh commented:
“We are delighted to have supported our client SBI on this landmark QIP. This is a continuation of our long-standing relationship with SBI, and we are honoured to have acted on their equity and bond issuances over the years. The scale and success of this transaction reflects SBI’s pivotal role in India’s capital markets and the strong appetite among global investors for Indian financial institutions. We look forward to supporting SBI as it continues to drive innovation and growth across the financial sector.”
