AZB's Mumbai-based Partner, Shuva Mandal has advised UBS Securities and CitiGroup Global on the sale of shares of Reliance Industries Limited (RIL) held by the Petroleum Trust, which is settled by its wholly owned subsidiary, Reliance Industrial Investment Holdings Limited (RIIHL).

The transaction, which had UBS Securities and Citigroup acting in the capacity as placement agents was valued in excess of Rs. 6,000 crore ($ 1.25 Billion). AZB advised the agents on the structure and negotiation apart from drafting and finalizing the relevant documentation.

Davis Polk & Wardwell's India practice and Hong Kong partner, Kirtee Kapoor led the transaction as international counsels for RIIHL on the UBS transaction. However, AZB were the sole legal counsel for the CitiGroup transaction.

Market sources inform that the cash generated from this transaction is intended to be used for RIL's acquisition of the floundering LyondellBasell. Sources familiar with the transaction informed us that RIL is on the verge of making another formal offer to the Dutch company.

AZB's Managing Partner, Zia Mody is supposed to be advising RIL on its acquisition of LyondellBasell. Mandal had previously advised CitiGroup and DSP Merrill Lynch on a similar stock sale where the Petroleum Trust had sold about Rs. 3,188 crores ($ 664 million) worth of shares in RIL.

Before Reliance Petroleum was merged with Reliance Industries, RIIHL held equity in RIL.Consequent to Reliance Petroleum's amalgamation with RIL, its shares were allotted to the Petroleum trust. The Petroleum Trust was created to house RIL's shares after the merger. RIIHL was named the 'sole beneficiary' of the RIL shares.