Avyakta Law acted as the Indian legal counsel to Sumitomo Mitsui Banking Corporation, on the ipo of 29,597,646 equity shares of Northern Arc Capital Limited aggregating to INR 7,770 million (“Offer”).
The Offer comprised of a fresh issue of INR 5,000 million and an offer for sale of INR 2,770 million. The IPO marked participation in the Indian Capital Market by one of the largest Japanese Mega Banks, that is Sumitomo Mitsui Banking Corporation as a selling shareholder selling part of its stake in the target.
The stock opened at Rs 351 on the Bombay Stock Exchange (BSE), up 33.5% from its issue price of Rs 263. Similarly, it listed at Rs 350 on the National Stock Exchange (NSE).
The deal was led by partner Shameek Chaudhuri, and associate Kshitij Goel.
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