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DLA Piper advises world's biggest coal miner on IPO
DLA Piper has advised the Indian Government, acting through the Department of Disinvestment, and Coal India Limited (CIL), the world's largest coal miner, on the company's initial public…
Lawyers Weekly
DLA Piper has advised the Indian Government, acting through the Department of Disinvestment, and Coal India Limited (CIL), the world's largest coal miner, on the company's initial public offering (IPO) of shares, which have been listed on the National Stock Exchange of India and the Bombay Stock Exchange.
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The IPO raised $US3.43 billion, making it the largest IPO in the history of Indian capital markets and the third largest IPO in the world during 2010.
Stephen Peepels, partner and DLA Piper's head of US capital markets Asia, led the deal with legal director Biswajit Chatterjee and lawyers Leander Coutinho and Soni Tiwari - all from DLA Piper's Singapore office.
The DLA Piper team was supported by partners Jack Kantrowitz (New York) and Jonathan Ciner (Washington) on international tax matters. DLA Piper also worked with Indian law firm Luthra & Luthra Law Office with a team led by partner Madhurima Mukherjee.
Stephen Peepels said of the deal: "What made the deal special was its size and complexity. Six separate investment banks were involved from start to finish, each of which had its own views about how to best position and market the company. Further, the size of Coal India Limited itself - both in terms of operations and geography - required huge resources from its international counsel.
"To write the story of a very old company, yet a massive company, for the very first time start to finish, was a significant task, indeed. Becoming a public company for the first time is always a lot of work, but this was especially so for CIL."
Citigroup Global Markets India Private Limited, Deutsche Equities (India) Private Limited, DSP Merrill Lynch Limited, ENAM Securities Private Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited were the Book Running Lead Managers to the issue, and Kotak Securities Limited was the syndicate member to the IPO. Ashurst and Amarchand & Mangaldas advised the joint lead managers.
