Trilegal, Cyril Amarchand Mangaldas, and Hogan Lovells Cadwalader advise on ARCIL IPO

Trilegal acted as legal counsel to Asset Reconstruction Company (India) Limited (“ARCIL”) in connection with its initial public offering comprising an offer for sale by selling shareholders Avenue India Resurgence, State Bank of India, Lathe Investments, and Federal Bank (the “IPO”). The IPO raised 732.9 crore.

Trilegal separately advised State Bank of India in its capacity as a selling shareholder participating in the IPO.

Cyril Amarchand Mangaldas acted as legal counsel to the book running lead managers in connection with the IPO. Hogan Lovells Cadwalader served as international counsel to the book running lead managers.

ARCIL is engaged in the acquisition of stressed assets from banks and financial institutions and the implementation of resolution strategies, including restructuring, enforcement of rights over underlying securities, and settlements. As of 31 March 2025, ARCIL was the second-largest asset reconstruction company in India by assets under management.

For Trilegal’s engagement for ARCIL, the transaction team included Bhakta Patnaik (Partner), Albin Thomas (Partner), Somya Jena (Senior Associate), and Associates Akanksha Goel, Tushar Chitlangia, and Adhish Mohanty. For Trilegal’s engagement for State Bank of India, the team consisted of Albin Thomas (Partner), Arsh Sinha (Senior Associate), and Adhish Mohanty (Associate).

The Cyril Amarchand Mangaldas transaction team was led by Ravi Dubey (Partner, Regional Co-Head, Capital Markets, West), with support from Urmil Shah (Senior Associate) and Associates Zeb Burk, Akshita Dhawan, Gaurav Lalwani, Harsha Menon, Alok Antony, and Syamantak Sinha.

The Hogan Lovells Cadwalader team was led by Biswajit Chatterjee (Head of the India Practice and Dubai Office Managing Partner), with support from Varun Jetly (Counsel) and Aditya Dsouza (Senior Associate).