Cyril Amarchand Mangaldas Advises on India’s Largest Rights Issue of INR 25,000 Cr by Vodafone Idea Limited

Acted as Indian legal counsel to Lead Managers - Kotak Mahindra, DSP Merrill Lynch, Morgan Stanley and HDFC Bank

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NEW DELHI and MUMBAIMay 16, 2019 – India’s largest law firm, Cyril Amarchand Mangaldas (CAM), advised in relation to the INR 25,000 crore Rights Issue of Vodafone Idea. CAM acted as the India legal counsel to the Lead Managers – Kotak Mahindra, DSP Merrill Lynch, Morgan Stanley and HDFC Bank on the transaction. The Vodafone Idea Right Issue is the largest rights issue to date in India, and was the first capital raising undertaken by the Vodafone Idea post the merger of Vodafone India into Idea Cellular in August 2018.

The Capital Markets Team of Cyril Amarchand Mangaldas advised the Lead Managers on various securities that could be considered for a rights issue, regulatory approvals required for the transaction including the foreign investment approval from the Department of Telecommunications (DoT) and the Cabinet Committee on Economic Affairs, approvals from the Reserve Bank of India and exemption in relation to minimum public shareholding and participation by foreign shareholders. The Transaction team was led by Yash AsharPartner; and Abhinav KumarPartner; with support from S VivekPrincipal AssociateShruti SarkarConsultantTania ChourasiaAssociateSiddhant SatturAssociateSaee AthalyeAssociate; and Priyattama BhanjAssociate.

As a part of the Transaction, Vodafone offered 2,000 crore (approx.) equity shares at a price of INR 12.50 per equity share aggregating to a total of INR 25,000 crore. The issue was oversubscribed nearly by 1.08 times.

The other parties involved in the Transaction were Sidley Austin LLP (International counsel to the Lead Managers) and S&R Associates (Domestic counsel to Vodafone India).

The date of filing the offer document was March 22nd, 2019 and the transaction closed on May 4th 2019.