Milbank Advises on India Telecom IPO
Idea Cellular IPO to Finance Mobile Network Expansion
LONDON, March 6, 2007 – The international law firm Milbank, Tweed, Hadley & McCloy LLP announced today that it was proud to have advised on the Idea Cellular Limited IPO. The offering raised Rs. 24.44 billion (approximately US$ 553 million), including the green shoe option, representing 12.4% of the post-IPO capital of the company, which is part of the Aditya Birla Group, one of the largest business groups in India.
Milbank advised the underwriters to the offering, with JM Morgan Stanley and DSP Merrill Lynch acting as the Book Running Lead Managers and Citigroup and UBS acting as the Senior Co-Book Running Lead Managers.
Idea Cellular Limited is one of the leading mobile telecommunications operators in India, with operations currently in 11 of India’s 23 mobile “circles”, and operations expected to commence in two additional circles in the near future.
Tom Siebens, the partner who led Milbank’s team, said “The Indian IPO market remains very active and telecoms is one of India’s most dynamic sectors. We were delighted to be part of the Idea Cellular transaction.”
Milbank also advised the underwriters in the US$600 million IPO of Reliance Petroleum Limited in May 2006.
Milbank’s Team
Siebens in London was supported by partner Anthony Root in Hong Kong, tax partner Andrew Walker in New York, associates David Gasperow and Merih Altay and legal assistant Erin Telling in London.
Indian law advice was provided by Khaitan & Co (domestic counsel to the underwriters) and Amarchand & Mangaldas & Suresh A. Shroff & Co (domestic counsel to Idea Cellular). Freshfields Bruckhaus Deringer acted as international counsel to Idea Cellular.