Linklaters advises on Adani Group company Cemindia Projects’ US$146m qualified institutional placement of shares in India

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Aditi Raisurana
Communications & Corporate Affairs Lead, Asia 
+65 9235 8647
aditi.raisurana@linklaters.com

Linklaters has acted as sole international counsel to the book running lead managers on Cemindia Projects Limited’s qualified institutional placement (QIP) of equity shares, raising approximately INR 14bn (US$146m).

The QIP attracted strong institutional investor demand and was oversubscribed 2.3 times, with participation from leading domestic mutual funds and financial institutions.

Cemindia Projects, formerly known as ITD Cementation India Limited, is an Indian engineering and construction company specialising in heavy civil, infrastructure and engineering, procurement and construction projects. The Company is part of the Adani group, one of India’s largest infrastructure-focused business groups, with interests in ports, logistics, airports, roads, power generation and transmission, renewable energy and data centres, among others.

The Linklaters team was led by partner and Head of India Practice Amit Singh and capital markets counsel Joseph Wolpin, with support from managing associate Utkarsh Mishra.

Amit Singh, partner and Head of India Practice at Linklaters, commented:

“Cemindia Projects’ successful QIP adds to the breadth of India’s active equity capital markets, with institutional investors continuing to support established businesses across the country’s infrastructure sector. We are pleased to have advised on the transaction. Congratulations to Cemindia Projects, the Adani Group and everyone involved.”

With more than 50 years of on-the-ground experience in Asia, Linklaters has an established reputation as a leading adviser on India-related capital markets transactions. The firm regularly advises issuers, financial institutions and investors on significant equity offerings across a diverse range of sectors, including the recent qualified institutional placements by IRB InvIT Fund,  Piramal Finance and JSW Infrastructure.