26 May, 2017
Duane Morris & Selvam LLP acted as the international legal counsel to the President of India and Housing and Urban Development Corporation Limited (HUDCO) on the recent sale of 10.19 percent of the shares in HUDCO by the President of India for Rs. 12,096 million (US$188 million) in an IPO in India and concurrent private placements outside the country (including a Rule 144A offering in the United States).
The offer saw huge demand from investors and was subscribed nearly 80 times, with more than two million retail investors applying for shares. HUDCO shares made a strong debut on the NSE and BSE, listing at a 22 percent premium to the offer price. This was the first Indian public sector undertaking IPO in more than five years.
The team was led by Jamie Benson, the head of Duane Morris & Selvam’s India practice and U.S. securities law practice. The team also included Duane Morris partners Charles Harrell in Houston and Hope Krebs in Philadelphia, along with Duane Morris & Selvam associates Akanksha Gupta and Akshay Kothari in Singapore.
IDBI Capital Markets & Securities Limited, ICICI Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited were the book running lead managers for the offer.
Luthra & Luthra Law Offices acted as Indian legal counsel to the President of India and HUDCO and Trilegal acted as Indian legal counsel to the underwriters.
