Cyril Amarchand Mangaldas, Linklaters, S&R Associates, and A&O Shearman advised on State Bank of India’s qualified institutional placement of equity shares aggregating to INR 25,000 crore (approximately USD 2.9 billion).
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.
Cyril Amarchand Mangaldas advised State Bank of India on its qualified institutional placement of equity shares aggregating to INR 25,000 crore. The issue was opened on July 16, 2025, and closed on July 21, 2025. The transaction team was led by Partner Devaki Mankad with support from Rishav Buxi, Hitesh Nagpal, Devansh Raheja and Janhavi Deshmukh. Partner Yash J. Ashar provided strategic inputs on the transaction.
Linklaters acted as international counsel to State Bank of India on the qualified institutional placement. The Linklaters team was led by Partner and Head of India Practice Amit Singh, with support from Managing Associate Calvin Soon and Associates Rushil Oberoi and Edward Lee.
S&R Associates represented Kotak Mahindra, SBI Capital Markets, ICICI Securities, Morgan Stanley, HSBC and Citigroup as the book running lead managers for the QIP. The team was led by Partners Sandip Bhagat and Jabarati Chandra, and included Associates Mohnish Mathew, Bhavya Upadhyay, Sudipta Choudhury and Akanksha Agrahari.
A&O Shearman acted as U.S. counsel to Kotak Mahindra Capital Company, SBI Capital Markets, ICICI Securities, Morgan Stanley, HSBC Securities and Capital Markets, and Citigroup in their capacity as book running lead managers. The A&O Shearman team was led by Partner Pallavi Gopinath Aney with support from Partner Mark Leemen, Senior Associate Nabil Shadab, Associate Shinjan Alok and Legal Assistant Rajshree Agarwal.
The deal reporting on this platform is based on the information received from law firms, and therefore, some details may be missing/incomplete. If your firm has not been credited for this deal, write to us at chanchal.makhija@thegreymatter.co.in mentioning your firm’s name, lawyers involved (including designation) and client represented.
