S&R Associates represented the Amundi group, Europe's largest asset manager, in connection with the initial public offering (IPO) and pre-IPO secondary sales of equity shares of SBI Funds Management Limited, the largest asset management company in India by quarterly average mutual fund assets under management and a subsidiary of State Bank of India (SBI). The aggregate proceeds to Amundi and SBI were INR 116.75 billion (approx. US$ 1.21 billion), with INR 97.95 billion (approx. US$ 1.02 billion) raised in the IPO and INR 18.80 billion (approx. US$ 195.25 million) in the pre-IPO secondary sales.
The IPO team was led by partners Sandip Bhagat, Jitesh Shahani and Shiv Bhargava, and included associates Akshaya Rengan, Yashvardhan Singh, Aarush Sharma and Pratyush Singh. The pre-IPO secondary sale team was led by partner Radhika Iyer, and included associates Shreya Jaipuria and Ayushi Shrivastava. Partner Dhruv Nath advised on corporate and regulatory matters. Partner Sumit Bansal, counsel Shivani Chhabra and associates Ankur Kishanpuria and Koushal Garg advised on tax matters.