Gokul Rajan

Practice Areas

Gokul Rajan

Partner and Regional Head (North), Markets

Capital Markets

Gokul has close to 20 years of experience and specializes in Capital Markets including initial public offerings, follow on offerings, QIPs, rights offerings, ADRs, GDRs and FCCBs, high-yield bonds and DeSPAC transactions. He has worked on some of the most significant transactions out of India in both equity and debt capital markets, including notable “first of their kind” deals. He also has experience in privatization, joint ventures, private equity investments and general corporate law.

Relevant Experience:

• Advised Life Insurance Corporation of India in relation to its $2.5 billion Rule 144A initial public offering in 2022, the largest ever IPO in India.

• Advised Zomato Limited in relation to its $1.2 billion Rule 144A initial public offering in 2021, the first unicorn IPO in India.

• Advised Renew Power Limited on its $1.2 billion listing on the NASDAQ through the SPAC route, the only such successful transaction out of India till date.

• Advised the underwriters on the $ 540 million Rule 144A initial public offering of Mankind Pharma Limited in 2023.

• Advised the underwriters on the $ 655 million Rule 144A initial public offering of Delhivery Limited in 2022.

• Advised the underwriters on the $ 714 million Rule 144A initial public offering of PB Fintech in 2021.

• Advised Renew Power on the issuance of $585 million senior secured USD-denominated notes in 2021, which was India’s first co-issuance structure where each Co-Issuer’s joint and several liability was deferred beyond the closing date. This was also the first such Rule 144A transaction to be listed exclusively on the INX.

• Advised the underwriters in relation to the $1.3 billion initial public offering by SBI Cards and Payments in 2020, the largest pure-play credit card company in India.

• Advised the initial purchasers in relation to the $750 million issuance of subordinated perpetual securities by Network I2I, guaranteed by Bharti Airtel, in 2019, the first such issuance of its kind.

• Advised the Department of Investment and Public Asset Management, Ministry of Finance, Government of India, on further fund offerings (FFOs) under the Central Public Sector Enterprise Exchange Traded Fund (CPSE-ETF), aggregating to over $5.6 billion.

• Advised the underwriters in relation to the $375 million initial public offering of PNB Housing Finance in 2016.

• Advised Bharti Infratel Limited in relation to its $760 million Rule 144A initial public offering in 2012.

• Advised the underwriters in relation to USD 1.5 billion Rule 144A initial public offering of Astro Malaysia Holdings Berhad in 2012, the largest pay-TV provider in Malaysia.

• Advised the underwriters in relation to USD 425 million Reg S initial public offering of Religare Health Trust in 2012, the first Singapore business trust comprising healthcare assets in India and the largest listing of Indian assets on the Singapore Stock Exchange.

• Advised the underwriters in relation to the USD 300 million Rule 144A institutional private placement by DLF Limited in 2013, the largest such transaction of the year in India.

• Advised the underwriters for the USD 50 million Reg S institutional private placement by Fortis Healthcare Limited in 2013.

• Advised on the USD 80 million qualified institutions placement by CESC Limited in 2014.

• Advised Standard Chartered in relation to the USD 100 million qualified institutions placement by Jaiprakash Associates Limited in 2013.

• Advised Religare Capital Markets in relation to the USD 33 million Rule 144A qualified institutions placement by Sintex Industries Limited in 2012.

• Advised the underwriters in relation to INR 3.5 billion initial public offering of Eros International Media Limited in 2010.

• Advised the underwriters in relation to INR 16.5 billion Rule 144A initial public offering of SKS Microfinance Limited in 2010.

Professional Memberships

Bar Council of Delhi, India

Publications

• Part of the editorial team that worked on the Cyril Amarchand Mangaldas Treatise on Securities Law.

• Post-IPO financial results – When to disclose- Post-IPO financial results – when to disclose | India Corporate Law (cyrilamarchandblogs.com) October 7, 2021

• Major impetus to IPO rush- Major Impetus to IPO Rush | India Corporate Law (cyrilamarchandblogs.com) September 21, 2021

• Short and long-term impact of current market conditions – Part II- Short and Long-term Impact of Current Market Conditions – Part II | India Corporate Law (cyrilamarchandblogs.com) April 10, 2020

• Short and long-term impact of current market conditions – Part I- Short And Long-Term Impact Of Current Market Conditions - Part I | India Corporate Law (cyrilamarchandblogs.com) March 30, 2020

• Financial Disclosures under the new ICDR Regulations – half a step forward- Financial Disclosures Under the New ICDR Regulations – Half a Step Forward | India Corporate Law (cyrilamarchandblogs.com) May 2, 2019