A&O Shearman advises on State Bank of India’s INR250 billion qualified institutions placement, India’s largest-ever

SBI raised INR250 bn (approximately USD2.9 bn) pursuant to the QIP. The proceeds will augment SBI’s Common Equity Tier-I capital base.

SBI, India’s largest bank, operates 22,937 branches in India and 244 international offices in 29 countries. The government of India holds a majority stake in SBI. Its shares are listed on BSE Limited and National Stock Exchange of India Limited, with global depository receipts listed on the London Stock Exchange. Through its subsidiaries and joint ventures, SBI operates across a wide spectrum of the Indian financial sector, including asset management, investment banking, factoring and commercial services, treasury operations, credit cards, payment services, life insurance and general insurance.

This transaction marks SBI’s largest equity issuance to date.

Pallavi Gopinath Aney, international capital markets partner and co-head of the India group at A&O Shearman, said: “It is a pleasure to have played a role in making this historic deal possible. We have a long-standing relationship with SBI, and we are honored to contribute to its growth journey through this historic equity issuance.”

The A&O Shearman team was led by Pallavi Gopinath Aney, with support from partner Mark Leemen, senior associate Nabil Shadab, associate Shinjan Alok and legal assistant Rajshree Agarwal.