Slaughters’ India team has had a very active year, handling several headline-grabbing deals for domestic and international clients, particularly in the corporate transactional space.
In December 2013, the firm acted for GlaxoSmithKline on its voluntary offer to increase its stake in its publicly listed pharmaceuticals subsidiary in India (GlaxoSmithKline Pharmaceuticals Limited) from 50.7 per cent to 75 per cent; the potential total value of the transaction at the proposed offer price was approximately £629 million. London-based corporate partner David Johnson, noted among sources for his work in extensive experience in public and private M&A and equity financings, took the lead on this matter. A Slaughter's team led by Hong Kong partners Laurence Rudge and David Watkins also acted for Ratnakar Bank Limited, one of India’s fastest-growing private sector banks, on English law aspects of its acquisition of RBS’s business banking, credit cards and residential mortgage businesses in India.
In the past, the firm has assisted Cairn India on the reorganisation of Cairn Energy’s Indian business and the flotation of Cairn India on the Bombay Stock Exchange and the National Stock Exchange of India. The firm’s London and Hong Kong teams advised Standard Chartered on its $530 public offering of Indian Depository Receipts and the related listings on the Bombay and National Stock Exchanges of India. The teams were joined on the transaction by local lawyers Amarchand & Mangaldas & Suresh A Shroff & Co who advised on Indian law. In addition, Corus, Reliance, Indiabulls Real Estate, Alcatel and Haldo Topose have all turned to Slaughters for advice in various high-profile matters since the firm began its focus on the India market.