AZB & Partners, S&R Associates, and JSA advised on Sumitomo Mitsui’s acquisition of 20% stake in Yes Bank.

This transaction is the largest cross-border investment in an Indian private sector bank.

AZB & Partners acted for Yes Bank, in a transaction where SBI along with other private sector lenders, have agreed to sell 20% of Yes Bank’s stake to Japan-based Sumitomo Mitsui Banking Corporation for approx. INR 13,400 crores, in the largest cross-border deal in the Indian banking sector. AZB played a key role in diligence, structuring and negotiations.

The transaction team comprised Senior Partner Vaidhyanadhan Iyer, Partners Abhilash Chandran and Bhargavy Ramesh, Senior Associate Priyasha Goyal, Associates Manhar Chaudhary and Pavit Kaur. They were supported by Senior Partner Gautam Ganjawala on the regulatory side, Senior Associate Rhea Ghanshani, Associates Sanghamitra Sengupta, Prithviraj Khanna and Rishav Sen on the due diligence; Partner Ajay Singh Solanki and Associate Shloka Jain on the employment diligence; Partner Malini Raju and Senior Associate Prannathi Ajith Kumar on the real estate diligence; and Partner Vivek Shetty, Senior Associate Dhaval Vora, Associates Devanshi Jhaveri and Naman Nayyar on litigations aspects.

S&R Associates represented State Bank of India and seven listed private sector banks, namely HDFC Bank Limited, Kotak Mahindra Bank Limited, Axis Bank Limited, ICICI Bank Limited, IDFC First Bank Limited, Bandhan Bank Limited and Federal Bank Limited, in the INR 134.83 billion sale of an aggregate 20% of the share capital of Yes Bank Limited, a listed private sector bank, to Sumitomo Mitsui Banking Corporation, a part of Sumitomo Mitsui Financial Group, Inc.

The S&R team was led by Rajat Sethi and Dhruv Nath and included associates Srikari Kancherla and V Sreedharan on corporate matters. Head of competition practice Simran Dhir and partner Akshat Kulshrestha advised on competition law matters. Partner Sumit Bansal, counsel Shivani Chhabra and associate Taranjeet Singh advised on direct tax matters. Partner Ajinkya Gunjan Mishra and associate Avani Tewari advised on indirect tax matters.

JSA Advocates & Solicitors advised Sumitomo Mitsui Banking Corporation (SMBC), on its acquisition of a 20 percent stake in Yes Bank for $1.58 billion – the largest cross-border investment in India’s banking sector.

The transaction was led by Lead Partner Vikram Raghani, Partner Birbahadur Sachar, Principal Associate Vwastav Ghosh, Senior Associates Vaishnavi Vyas, and Aleesha Jadhav, and Associates Tavishi Chandra, Samika Pachouly, Pranjal Shorey and Niki Shah. JSA’s banking and finance team comprised Partner Anish Mashruwala, along with partners Pratish Kumar and Sumitava Basu, Principal Associate Karan Abhichandani, and Associate Anmol Narang. The JSA competition team was led by Partner and chair of competition law Nisha Kaur Uberoi, along with Partner Harshita Singh Parmar, principal Associate Shambhvi Sinha, and Associates Akanksha Mathur, Keerthana Kesavan, Aditya Prakash, K Ashmeka and Meghaa G.