Tata Steel has raised $500 million by offering global depository receipts (GDRs) on the London Stock Exchange. This is the largest Indian GDR issue ever in London and is the largest non-domestic capital raising by a company on any European exchange this year. Cleary Gottlieb Steen & Hamilton lead by partner Raj Panasar out of London advised Tata on English law and US law matters. The steel manufacturers turned to Amarchand & Mangaldas & Suresh A Shroff for Indian advice. Milbank Tweed Hadley & McCloy advised the managers with regard to English and US matters and Talwar Thakore and Associates represented them in India.
July 28 2009