Cases & Deals

Deutsche Equities India, Edelweiss, ICICI Securities, and SBICAP Securities complete US$731 million Offer for Sale of NTPC Limited shares by Government of India

Clients Deutsche Equities India Private Limited, Edelweiss Securities Limited, ICICI Securities Limited, and SBICAP Securities

Jones Day advised Deutsche Equities India Private Limited, Edelweiss Securities Limited, ICICI Securities Limited, and SBICAP Securities Limited in connection with the Government of India's US$731 million (INR 50.29 billion) Offer for Sale (OFS) of Equity Shares of NTPC Limited, India's largest state-run power producer.

The transaction, through which the Government of India divested 5% of its equity stake in NTPC Limited, is the second largest OFS transaction for an Indian Company in the last twelve months after the Indian Oil Corporation Limited $1.4 billion OFS transaction in August 2015 on which Jones Day also acted. It is also the first OFS transaction under the revised OFS guidelines of the Securities and Exchange Board of India, issued on February 15, 2016 and the largest equity capital markets transaction from India and largest private placement in Asia this year to date.

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