Gokul Rajan

Gokul has previously worked with Linklaters, Singapore, as a part of their India-facing capital markets practice and has advised on capital markets transactions in the South-East Asian region as well.

He also has experience in privatisation, joint ventures, private equity investments and general corporate law.

Gokul has advised on significant and landmark transactions over his career. Recent highlights include the  largest initial public offering in India by Life Insurance Corporation of India (“LIC”) in 2022, the initial public offering by SBI Cards & Payments in 2020, the largest pure-play credit card company in India, the issuance of subordinated perpetual securities by Network I2I, guaranteed by Bharti Airtel in 2019 (the first of its kind) and the qualified institutions placement by Info Edge Limited in 2020, as well as multiple offshore bond issuances by ReNew Power Limited (including through certain of its subsidiaries). He has most recently advised on the initial public offering of Zomato Limited, the first unicorn to get listed in India, and the initial public offering of PB Fintech Limited, which runs the online platforms, Policybazaar, and Paisabazaar, and is one of the first unicorn in the fintech space to list in India. He has also advised ReNew Power Limited in connection with its listing on NASDAQ through the SPAC route. ReNew Power Limited is the first Indian renewable energy company to be listed on NASDAQ through the SPAC route.

He has also advised the Department of Investment and Public Asset Management, Ministry of Finance, Government of India on a series of further fund offerings (FFOs) under the Central Public Sector Enterprises Exchange Traded Fund (CPSE ETF) Scheme between 2017 and 2020, aggregating to INR 548.50 billion. Gokul also regularly advises CPSEs on MTN issuances, including recent programme establishments, updates and drawdowns by IRFC, PFC and REC.

Relevant Experience

• Advised Life Insurance Corporation of India in relation to its $2.5 billion Rule 144A initial public offering in 2022, the largest ever IPO in India.
• Advised Zomato Limited in relation to its $1.2 billion Rule 144A initial public offering in 2021, the first unicorn IPO in India.
• Advised Renew Power Limited on its $1.2 billion listing on the NASDAQ through the SPAC route, the only such successful transaction out of India till date.
• Advised the underwriters on the $ 540 million Rule 144A initial public offering of Mankind Pharma Limited in 2023.
• Advised the underwriters on the $ 655 million Rule 144A initial public offering of Delhivery Limited in 2022.
• Advised the underwriters on the $ 714 million Rule 144A initial public offering of PB Fintech in 2021.
• Advised Renew Power on the issuance of $585 million senior secured USD-denominated notes in 2021, which was India’s first co-issuance structure where each Co-Issuer’s joint and several liability was deferred beyond the closing date. This was also the first such Rule 144A transaction to be listed exclusively on the INX.
• Advised the underwriters in relation to the $1.3 billion initial public offering by SBI Cards and Payments in 2020, the largest pure-play credit card company in India.
• Advised the initial purchasers in relation to the $750 million issuance of subordinated perpetual securities by Network I2I, guaranteed by Bharti Airtel, in 2019, the first such issuance of its kind.
• Advised the Department of Investment and Public Asset Management, Ministry of Finance, Government of India, on further fund offerings (FFOs) under the Central Public Sector Enterprise Exchange Traded Fund (CPSE-ETF), aggregating to over $5.6 billion.
• Advised the underwriters in relation to the $375 million initial public offering of PNB Housing Finance in 2016.
• Advised Bharti Infratel Limited in relation to its $760 million Rule 144A initial public offering in 2012.
• Advised the underwriters in relation to USD 1.5 billion Rule 144A initial public offering of Astro Malaysia    Holdings Berhad in 2012, the largest pay-TV provider in Malaysia.
• Advised the underwriters in relation to USD 425 million Reg S initial public offering of Religare Health Trust in 2012, the first Singapore business trust comprising healthcare assets in India and the largest listing of Indian assets on the Singapore Stock Exchange.
• Advised the underwriters in relation to the USD 300 million Rule 144A institutional private placement by DLF Limited in 2013, the largest such transaction of the year in India.
• Advised the underwriters for the USD 50 million Reg S institutional private placement by Fortis Healthcare Limited in 2013.
• Advised on the USD 80 million qualified institutions placement by CESC Limited in 2014.
• Advised Standard Chartered in relation to the USD 100 million qualified institutions placement by Jaiprakash Associates Limited in 2013.
• Advised Religare Capital Markets in relation to the USD 33 million Rule 144A qualified institutions placement by Sintex Industries Limited in 2012.
• Advised the underwriters in relation to INR 3.5 billion initial public offering of Eros International Media Limited in 2010.
• Advised the underwriters in relation to INR 16.5 billion Rule 144A initial public offering of SKS Microfinance Limited in 2010.

Awards & Recognition

• Rated as ‘Band 3’ for Capital Markets: Equity-India, Chambers & Partners 2024
• Rated as ‘Band 3’ for Capital Markets: Debt-India, Chambers & Partners 2023
• ‘Highly Regarded’ for Capital Markets, Equity and Debt by IFLR 1000, 2022-2023
• Recognized as part of ‘Tier I Capital Markets Team,’ Legal500
• Ranked ‘Distinguished Practitioner’ for Capital Markets at AsiaLaw 2023.

Memberships

• Bar Council of Delhi, India