Freshfields advises on US$1.4bn sale of shares in India’s Bandhan Bank
Freshfields Bruckhaus Deringer (‘Freshfields’) has advised J.P. Morgan India Private Ltd., Credit Suisse Securities (India) Private Ltd., Goldman Sachs (India) Securities Private Ltd. and JM Financial Ltd. in the US$1.4bn sale of shares in India’s Bandhan Bank.
Bandhan Bank’s founder, Bandhan Financial Holdings Ltd., sold 337.4 million shares in the bank on 3 August 2020 in order to lower its stake to 40 per cent, thereby complying with regulatory requirements. Buyers included BlackRock Inc., GIC Pte., Temasek Holdings Pte. and SBI Mutual Fund.
Headquartered in Kolkata, West Bengal, Bandhan Bank has a network of over 4,500 banking outlets across India. It specialises in lending to small borrowers and has some of the highest profitability metrics of any Indian bank.
The Freshfields team advising on the transaction was led by partner Arun Balasubramanian.
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