LG advises on $600m AIM listing of Indus Gas Limited
6 June 2008
LG's India strategy continues to pay dividends with its involvement on its 8th AIM listing of an Indian focussed company
LG acted for Arden Partners Plc (Arden), the nomad and broker to Indus Gas Limited (Indus) – an oil & gas exploration and development company based in India – on its placing and admission to AIM.
Indus listed on AIM today (Friday 6 June) with an associated placing of $50 million giving the company a market capitalisation of $600 million. Through its offshore subsidiaries, Indus holds a 90 per cent interest in a petroleum exploration and development concession in Rajasthan, India. The area held contains existing gas discoveries.
Corporate partner Tom Nicholls led the team advising, which included corporate associate Rebecca Gordon.
Tom said: "We have seen a growing trend in the number of Indian focussed companies coming to AIM particularly in the natural resource and power sectors. Notwithstanding current market conditions, the issue was oversubscribed and reflects both the continued interest in the Indian market and the current strength of oil and gas prices."
Indus was advised by Dua Associates in India and by Stephenson Harwood in the UK.
In addition, LG has advised Grant Thornton Corporate Finance and Jermyn Capital Plc who acted as nominated adviser and broker to India-focussed integrated project delivery, property and facilities services company, Mortice Limited on its admission to AIM in May and associated fundraising.
Tom added: "Our concerted marketing efforts into India continue to pay dividends. Indus represents the 8th AIM IPO for India focussed entities that we have advised on as well as a number of other secondary fundraisings for Indian companies. We are currently advising two further companies with Indian interests on their listings in London which, once completed, will mean we have acted on over 40% of all such AIM listings to date."
Notes to editors:
- LG is one of the top AIM legal advisers and top adviser to the Financial sector by client market capitalisation, according to the latest Hemscott AIM Advisers Rankings Guide.
- Since January 2007, LG has advised on over 60 AIM transactions raising an aggregate of over $3.8 billion new funds.
- LG's dedicated India Group includes dual Indian/English qualified lawyers who understand the legal, commercial and cultural environment of India. They have extensive experience of advising Indian businesses on their international expansion and other businesses when making significant inbound investment into India.
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Tom Nicholls
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