ALMT Morrison Cohen Amarchand and Cleary lead on Oil Indias disinvestment

The Government of India has sold 10 per cent stake in Oil India Ltd through Offer for Sale (OFS) route as part of its disinvestment programme. The OFS was oversubscribed 2.57 times helping the Government raise Rs 3,141.39 crore ($591 million) from the stake sale..ALMT Legal and Morrison Cohen LLP acted for the Government while Amarchand Mangaldas and Cleary Gottlieb Steen & Hamilton LLP acted for brokers – Citi, HSBC and Kotak..ALMT Legal acted as domestic legal counsel to the Government with a team led by Partners Dhanya Menon and Rajat Bopaiah along with Senior Associate Arita Chatterjee and Associate KS Vidya..Morrison Cohen acted as International Legal Counsel to the Government with a team led by Partner Richard Baumann..Amarchand Mangaldas acted as domestic counsel to the brokers with a team led by Partner Prashant Gupta along with Principal Associate Aarti Joshi, Principal Associate Designate Sayantan Dutta and Senior Associate Manjari Tyagi..Cleary Gottlieb Steen & Hamilton LLP acted as International counsel to the brokers with a team led by Partner Sebastian Sperber along with Associate Malini Mukhopadhyay..According to ET, foreign institutional investors picked up 60 per cent of the Oil India offer with bids amounting to Rs. 1,898.24 crore. This was closely followed by mutual funds, which got 19.29 per cent shares with bid amount of Rs. 606 crore..The government has budgeted Rs 30,000 crore from disinvestment proceeds in this fiscal. The government has so far raised Rs 10,000 crore from stake sale in state-run firms, which included Rs. 800 crore from HCL and Rs. 125 crore from NBCC..In December 2012, the same law firms acted on Government of India’s 10 per cent stake sale in National Mineral Development Corporation (NMDC) pursuant to an OFS through the Stock Exchange Mechanism for Rs. 5,913.79 crore. It was second largest OFS by the Government of India (the largest being the ONGC OFS).