Milbank Advises on US$2.3 Billion Tata Steel Rights Offering and CCP Share Issuance
HONG KONG, 1 February 2008 – Global law firm Milbank, Tweed, Hadley & McCloy LLP has advised on the successful US$2.3 billion rights offering and cumulative compulsory convertible preference share issuance by Tata Steel Limited of India, one of the world’s largest steel producers. Milbank acted as international counsel for the lead managers, JM Financial, DSP Merrill Lynch and Citigroup, in the offering.
“This was one of the largest Indian rights offerings to date, and was carefully structured to deal with overlapping Indian and US securities regulations,” said Anthony Root, head of Milbank’s corporate practice in Asia, who was lead partner on the transaction. “We were able to develop solutions drawing upon our experience with other rights offerings around Asia.”
Milbank has substantially expanded the Firm’s capital markets capability in Asia over the past year to meet increased client demand, and has been increasing its activity on the subcontinent, said Mr Root.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex and innovative corporate transactions. Our transactional expertise includes Capital Markets, Corporate Finance, Project Finance, Acquisition Finance, and other major fields of law practice. Headquartered in New York, Milbank has 10 offices worldwide, including Beijing, Hong Kong, Singapore and Tokyo.