20 September, 2017
Duane Morris & Selvam LLP was the sole international legal counsel on Bajaj Finance Limited’s recent sale of approximately Rs. 45,000 million (US$703 million) of its shares in a qualified institutions placement (QIP), including a concurrent private placement to qualified institutional buyers (as defined in Rule 144A under the U.S. Securities Act of 1933) in the United States. Duane Morris & Selvam represented Bajaj Finance, JM Financial Institutional Securities Limited, the Global Coordinator and Book Running Lead Manager for the issue, and Goldman Sachs (India) Private Limited and Kotak Mahindra Capital Company Limited, the Book Running Lead Managers for the issue.
Bajaj Finance is a Deposit Taking Non-Banking Financial Company (NBFC-D) in India. Bajaj Finance’s shares are listed in India on the BSE and the NSE and its market capitalization was approximately US$16.3 billion as of 12 September 2017.
Duane Morris & Selvam’s deal team was led by Jamie Benson, the head of the firm’s U.S. securities law practice and India practice. Benson is based in the firm’s Singapore office. The deal team also included associate Gan Cheng Kai, trainee Amanda Loh, both based in the Singapore office, as well as partner Hope Krebs in Duane Morris’ Philadelphia office.
This is the second QIP Duane Morris & Selvam has acted on for Bajaj Finance, having advised it on its US$222 million QIP that closed in June 2015.
