Amarchand & Mangaldas, Khaitan & Co and Jones Day have advised in a US$100m private placement of equity shares in a qualified institutional placement offering by Mahindra & Mahindra Financial Services, one of India’s leading non-banking finance companies.

The Mumbai-based Mahindra Group, a multinational conglomerate with a turnover of approximately US$7bn, provides automotive and other finance for the rural and semi-urban sectors through a country-wide network of branches.

Jones Day advised Kotak Mahindra, Citigroup and JM Financial in connection with the QIF placement that is concurrent with the Rule 144A and Regulation S offering by Mahindra & Mahindra Financial Services – a transaction which closed on 23 Feb 2011.

“This was a significant transaction as it was for a subsidiary of the corporate giant, the Mahindra Group. Although the beginning of 2011 has been somewhat slow in the Indian capital markets, we believe activity will pick up very soon,” Jones Day lead partner Manoh Bhargava said.ALB

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