Shardul Amarchand Mangaldas advises on offer for sale for IOC

Shardul Amarchand Mangaldas and Co. is acting as the Indian legal counsel to Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, JM Financial Institutional Securities Limited and Kotak Securities Limited (brokers).

It was recently involved in the process of advising on an offer of sale for the Indian Oil Corporation (IOC).

The transaction was led by Mr. Prashant Gupta, Partner. His team included Mr. Sayantan Dutta, Partner and Ms. Shraddha Krishnan,Associate.

The INR 9,379 crore deal involved the sale of 24,27,95,248 equity shares, constituting 10 percent of the equity shares of Indian Oil Corporation Limited ("Company") by its promoter, the President of India, acting through and represented by the Ministry of Petroleum and Natural Gas, Government of India ("Seller"), pursuant to an Offer for Sale through the Stock Exchange Mechanism ("OFS"). The offer for sale was carried out on August 24, 2015.

Khaitan and Co. and Baker and McKenzie acted as the Indian and international legal counsels to the seller, respectively. Jones Day acted as the international legal counsel to the brokers.