Indian firms Amarchand & Mangaldas and Luthra & Luthra have helped the Indian government sell off its US$1.8bn equity stake in the country’s largest energy company, NPTC.

It was the first Indian public offering to adopt a ‘French Auction’ model and was also the first fast-tracked offering by a government-owned company under newly introduced securities rules.

Five lawyers from the Singapore-based India practice of O’Melveny & Myers acted as the sole international counsel on the listing, led by partner David Makarechian.

Amarchand’s managing partner in Delhi, Shardul Shroff, advised the company and the selling shareholders. Luthra & Luthra advised the five book running lead managers on the offer (ICICI Securities, Citigroup Global Markets India, J.P. Morgan India and Kotak Mahindra Capital).

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