Cyril Amarchand Mangaldas (CAM) acted as legal counsel to State Bank of India (SBI) on the ₹25,000 crore qualified institutional placement (QIP) of equity shares — the bank’s first such issuance since 2017.
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The CAM team was led by Devaki Mankad (Partner & Regional Co-Head, Capital Markets – West), supported by:
Rishav Buxi (Principal Associate)
Hitesh Nagpal (Associate)
Devansh Raheja (Associate)
Janhavi Deshmukh (Associate)
Yash J. Ashar (Senior Partner) provided strategic inputs on the transaction.
Linklaters acted as international legal counsel to SBI, led by Amit Singh (Partner, India Practice Head), supported by:
- Calvin Soon (Senior Associate)
- Rushil Oberoi (Associate)
S&R Associates represented the book running lead managers (BRLMs):
Kotak Mahindra Capital Company
SBI Capital Markets
ICICI Securities
Morgan Stanley India
HSBC Securities and Capital Markets
Citigroup
A&O Shearman acted as international legal counsel to the BRLMs.
Deal Overview
| Feature | Details |
|---|---|
| Issuer | State Bank of India (SBI) |
| Transaction Type | Qualified Institutional Placement (QIP) of equity shares |
| Deal Value | ₹25,000 crore |
| Sector | Banking & Financial Services |
| Status | Announced (July 2025) |
| Previous QIP | 2017 |
| Issuer Legal Counsel | Cyril Amarchand Mangaldas (India), Linklaters (International) |
| BRLMs Legal Counsel | S&R Associates (India), A&O Shearman (International) |
| Book Running Lead Managers | Kotak Mahindra Capital, SBI Capital Markets, ICICI Securities, Morgan Stanley India, HSBC Securities and Capital Markets, Citigroup |
| Regulatory Approvals | SEBI and Stock Exchange regulations applicable to listed QIP transactions |
This transaction marks SBI’s first QIP since 2017 and is one of the largest equity issuances in India’s banking sector. The ₹25,000 crore capital raise is aimed at boosting SBI’s Tier-1 capital base in alignment with Basel III requirements and to support future credit growth, digital transformation, and infrastructure expansion.
The issue reportedly saw over 3x subscription, with major institutional investors such as LIC, BlackRock, and Marshall Wace participating—demonstrating strong investor confidence in the public sector lender.
Why It Matters
SBI’s QIP is one of the largest equity fundraises in India’s banking sector in recent years. It reflects strong institutional confidence and aligns with broader trends of capital raising by large banks to meet Basel III norms, expand lending, and support India’s economic rebound. The deal highlights renewed momentum in India’s capital markets, especially in the BFSI sector. SBI’s successful QIP sets a precedent for other PSUs eyeing market-based capital raising in FY26. From a legal standpoint, the transaction demonstrates complex coordination between domestic and international counsel, across multiple jurisdictions and regulatory frameworks.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
