Cases & Deals

Deutsche Equities India, Edelweiss, ICICI Securities, and SBICAP Securities complete US$186 million Offer for Sale of National Aluminium Company Limited shares by Government of India

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

Jones Day advised Deutsche Equities India Private Limited, Edelweiss Securities Limited, ICICI Securities Limited, and SBICAP Securities Limited, as placement agents, in connection with the Government of India's (GOI) US$186 million (INR 12 billion) Offer for Sale (OFS) of Equity Shares of National Aluminium Company Limited (NALCO), an Indian state-owned manufacturer and distributor of aluminum products. The transaction represented a divestment of 9.2% of the GOI's equity stake in NALCO and involved in the first exercise by the GOI of an over-subscription option provided for in the modified OFS procedure implemented by the Securities and Exchange Board of India in 2016. The transaction was also the first divestment by the GOI in the current Indian fiscal year and was more than 3 times oversubscribed.

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