Cleary advises Tata Steel on LSE listing and $500m capital raising
Wall Street leader Cleary Gottlieb Steen & Hamilton's London arm has scored a role as India's Tata Steel raised around $500m (£306m) through the sale of global depository receipts (GDR) and an associated listing on the London Stock Exchange. The deal is the biggest Indian GDR listing in London and the largest capital raising by a company outside its domestic market on any European exchange so far this calendar year.
August 04, 2009 at 04:32 AM
2 minute read
US firm's London arm takes top role on steel giant's London listing
Wall Street leader Cleary Gottlieb Steen & Hamilton's London arm has scored a role as India's Tata Steel raised around $500m (£306m) through the sale of global depository receipts (GDR) and an associated listing on the London Stock Exchange.
The deal is the biggest Indian GDR listing in London and the largest capital raising by a company outside its domestic market on any European exchange so far this calendar year.
London capital markets partner Raj Panasar led the firm's team, which also included London capital markets partners Ashar Qureshi, Simon Ovenden and Daniel Braverman, as well as Washington DC-based banking partner Ken Bachman and Hong Kong-based capital markets partner David Hirsch.
The firm worked alongside Indian firm Amarchand & Mangaldas & Suresh A Shroff, which advised Tata on local law matters relating to the listing through Mumbai managing partner Cyril Shroff and capital markets partner Yash Ashar.
Milbank Tweed Hadley & McCloy picked up the mandate advising the underwriting banks, with the firm's Hong Kong-based Asia corporate head, Anthony Root, leading. Talwar Thakore & Associates advised the banks, Citigroup Global Markets, Goldman Sachs International, JP Morgan Securities and UBS on Indian law matters.
Commenting on the instruction, Cleary's Panasar said: "Tata Steel is an amazing company and this was a very large transaction which the banks and the law firms were delighted to be instructed on when the capital markets are so quiet."
Tata Steel is the world's eighth largest steel producer and forms part of Indian conglomerate Tata Group. Cleary is a regular adviser to the business group, which also counts City firm Herbert Smith among its regular advisers.
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