Talwar Thakore & Associate has advised Indian telecommunications company Reliance Communications Ltd. on a near $1 billion share sale.

The Mumbai-based Reliance, India’s fourth-largest telecom operator, sold $786 million in shares to institutional investors in order to repay existing debt and deleverage the company’s balance sheet. Another $213 million in shares were sold to Reliance’s founders, bringing the total to $999 million.

Reliance held $6.6 billion in debt at the close of the fiscal year ending in March. According to The Wall Street Journal, high interest costs on that debt have weighed on the company’s earnings for the past several quarters.

Talwar Thakore Mumbai partner Rahul Gulati acted for Reliance on the deal.

Jones Day Singapore partner Manoj Bhargava represented underwriters J. P. Morgan Securities, CLSA Ltd., Macquarie Capital Ltd., Edelweiss Financial Services Ltd. and Axis Capital Holdings Ltd.

S&R Associates Mumbai partners Sandip Bhagat and Bhakta Patnaik served as Indian counsel to the banks.

Email: tbrennan@alm.com.