After seeing its largest listing last week-the US$625m institutionalized IPO of Adani Power–yet another sizeable deal has closed on the Indian capital markets, the US$140m qualified institutional placement offered by Punj Lloyd (PL).

PL, which is a diversified conglomerate with a focus on construction, energy and infrastructure across Asia, the Middle East Africa and the Caspian, issued equity shares which were sold to a number of US-based and international investors and will be listed on both the Bombay Stock Exchange and the country's National Stock Exchange.

J Sagar & Associates acted as Indian counsel to PL, while Amarchand & Mangaldas were retained for Indian law advice by the offerings global coordinators and book-running lead managers Citigroup Global Markets India and IDFC-SSKI. A DLA Piper team led by Stephen Peeples and Biswajit Chaterjee acted as US-counsel to Citigroup and IDFC-SSKI.

Peeples says that more deals of this kind are likely to close in the coming months as India's capital market rebounds strongly from the leanest of spells over the last 12 months.

"India's equity market is one to watch. It is one of the largest in emerging Asia and it's coming out of the global financial crisis with strong growth.  Important transactions like this one will continue in this space.  "The success of this deal indicates confidence in...the strength of the Indian economy."