Amarchand & Mangaldas and Khaitan & Co have taken roles in the first simultaneous equity offering in the domestic, US and Japanese markets by an Indian company.

Amarchand & Mangaldas advised ICICI Bank on the US$1.75bn offering which consisted of US$498m of American depositary shares, a Japanese and domestic offering. Davis Polk & Wardwell advised the company on international law.

Khaitan & Co was local counsel to underwriters Merrill Lynch, Morgan Stanley and Nomura International. Latham & Watkins advised on international issues.

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Banking on India
· India has 30 public banks, including the State Bank of India
· There are 70 private and foreign banks and around 200 rural banks
· With 800,000 people on the payroll, banks are the second-largest employer after Indian Railways