AZB advises struggling Yes Bank on US$2bn FPO

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AZB & Partners advised Yes Bank on its ₹150 billion (US$2 billion) further public offering of equity shares that launched on 15 July, while IndusLaw advised the eight bookrunning lead managers on Indian law and Linklaters advised them on international law.

The public offering, which was 95% subscribed when it closed on 17 July, follows a period of turmoil at Yes Bank, including a breach of statutory capital requirements, imposition of a moratorium, and the arrest of the bank’s co-founder and former CEO.

A rescue plan backed by the State Bank of India, the Yes Bank Reconstruction Scheme 2020, was put in place in mid-March.

AZB & Partners’ team of lawyers comprised partners Varoon Chandra, Hufriz Wadia, Lionel D’Almeida and Richa Choudhary, and senior associates Rahul Aggarwal and Shivali Singh.

IndusLaw’s team comprised partners Manan Lahoty and Manshoor Nazki, senior associate Priyadarshini Rao and associates Soumya Cheedi, Pooja Maloo, Rashika Narain and Siddharth Rajeevan.

IndusLaw’s Nazki told India Business Law Journal: “The recent RBI-imposed [Reserve Bank of India] moratorium, and the reconstruction of the bank, presented some unique regulatory challenges that the team had to carefully navigate.“

Linklaters’ team was led by its Singapore-based partner, Amit Singh, and included associate Calvin Soon. Describing the deal as “a landmark issuance”, Singh said: “This was a complex transaction which required us to pay particular attention to disclosure and diligence.”