on the river Ganges in Varanasi, India shutterstock

Squire Patton Boggs and Allen & Overy have played the lead roles on the State Bank of India’s $2.3 billion share sale—the largest qualified institutional placement ever in India.

India’s largest lender by assets sold the shares through the so-called qualified institutional placement, a program for companies to raise capital by selling equity to a group of targeted institutional buyers. The deal helped strengthen the bank’s capital reserve, chair Arundhati Bhattacharya told Reuters after the sale.

Squire Patton Boggs Singapore partner and India practice co-head Biswajit Chatterjee led the team advising the State Bank of India on U.S. securities law.

Cyril Amarchand Mangaldas Mumbai partner Gaurav Gupte acted for the issuer on Indian law.

Allen & Overy Hong Kong partner Amit Singh represented bookrunners Deutsche Equities India Ltd., DSP Merrill Lynch Ltd., IIFL Holdings Ltd., JM Financial Institutional Securities Ltd., Kotak Mahindra Capital Company Ltd. and SBI Capital Markets Ltd. Last month, Singh also advised the Sri Lankan government on a $1.5 billion 10-year sovereign bond issue.

Shardul Amarchand Mangaldas Delhi partner Prashant Gupta and Mumbai partner Monal Mukherjee were Indian counsel to the underwriters.

Anna Zhang is based in Hong Kong, where she writes about the business of law and legal issues in Asia and Australia. Contact her at  azhang@alm.com. On Twitter: @annazhangc.

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