Amarchand & Mangaldas & Suresh A. Shroff & Co has advised Axis Bank's on its 47.26 billion rupee ($890 million) qualified institutions placement (QIP), the largest-ever QIP out of India, with Luthra & Luthra and Allen & Overy advising the bookrunners.

The placement involved a private placement of shares under Section 4(a)(2) of the U.S. Securities Act to investors in the United States and a Regulation S offering outside the United States. Together with the QIP, Axis Bank also made a preferential allotment to some of its principal shareholders, taking the total amount of equity capital raised by this deal to 55.37 billion rupees.

The Allen & Overy team advising the bookrunners Citibank, J.P. Morgan and Axis Capital was led by Hong Kong partners Andrew Harrow and Jim Grandolfo.

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