Devaki Mankad

An experienced practitioner in securities law, with over thirteen years of experience, Devaki has been associated with wide variety of offerings of equity, equity linked and debt instruments and with securities advisory matters.

These include initial public offering, further public offering, qualified institutions placements (equity, non-convertible debentures along with warrants), rights offerings (listed and unlisted; equity and warrants), preferential offerings (listed and unlisted), offshore listings (including foreign currency bond offerings), foreign currency convertible bonds private placement and restructuring, offer for sale through stock exchange mechanism, and public issue and private placement of non-convertible debentures.

Some of the recent key transactions include advising on the IPO of Life Insurance Corporation of India Limited, Tata Technologies Limited, Aadhar Housing Finance Limited, Adani Wilmar Limited, Vedant Fashion Limited, Macrotech Developers Limited, SBI Cards and Payment Services Limited, FPO of Adani Enterprises Limited, rights offering of Wockhardt Limited and Mahindra & Mahindra Financial Services Limited, QIP of Adani Energy Solutions Limited, Housing Development Finance Corporation Limited, State Bank of India, Restaurant Brands Asia Ltd, Macrotech Developers Limited, and Godrej Properties Limited and foreign currency bond offerings of various entities within Greenko Group and Adani Group.

She is a member of Member of Committee of ABA (International Law Section – India/South-East Asia Committee).

Relevant Experience:

205,572.31 million initial public offer by Life Insurance Corporation of India Limited in May, 2022. Also advised Government of India, being the selling shareholder. This is the largest initial public offer of equity shares in India.
60,000 million initial public offer by ICICI Prudential Life Insurance Company Limited in September, 2016. Also advised ICICI Bank Limited, being the selling shareholder. This is the first initial public offer by an insurance company in India.
4,850 million private placement of non-convertible debentures by ICICI Lombard General Insurance Company Limited. This is the first private placement of other form of capital by an insurance company in India.
57,009.4 million initial public offer by ICICI Lombard General Insurance Company Limited in September 2017. Also advised ICICI Bank Limited, being the selling shareholder. This is the first initial public offer by a general insurance company in India.
149,999.99 million qualified institutions placement by State Bank of India in June 2017. This is the largest qualified institutions placement of equity shares by an Indian issuer.
154,348.50 million qualified institutions placement of warrants and non-convertible debentures by Housing Development and Infrastructure Limited in September 2015. This is the largest qualified institutions placement by an Indian issuer.
Private placement of 7.5% subordinated convertible bonds due 2075 aggregating to USD 300 million by GMR Infrastructure Limited to Kuwait Investment Authority, in accordance. This is the first transaction under the new regime for long term external commercial borrowings notified by Reserve Bank of India through the Circular on ‘External Commercial Borrowings (ECB) Policy – Revised framework’ and the first issue of long-term foreign currency convertible bonds by an Indian company.
USD 500 million green bonds offering by Greenko Investment Company, which was guaranteed by Greenko Energy Holdings in August 2016. This was the first high-yield issuance of its kind.
USD 417 million initial public offering of units by Religare Health Trust (and the consequent listing of units on Singapore Stock Exchange) in October 2012. It was a listing of first business trust comprising healthcare assets in India.