Devaki Mankad

Devaki is a partner (Regional Co-Head – Capital Markets – West) at CAM. She has advised issuers, underwriters and investors (including private equity investors) on a wide variety of offerings of equity, equity linked and debt instruments across jurisdictions.

These include initial public offering, further public offering, qualified institutions placements (equity, NCDs along with warrants), rights offerings (listed and unlisted; equity and warrants), preferential offerings (listed and unlisted), offshore listings (including foreign currency bond offerings), foreign currency convertible bonds placement and restructuring, offer for sale through stock exchange mechanism, public issue and private placement of non-convertible debentures and buy-back of foreign currency bonds.

She has advised on landmark transactions, including ‘largest’ equity QIP offering by an entity in India (SBI QIP), ‘second, fourth, sixth and tenth largest’ equity IPO offering by an entity in India (LIC IPO, Tata Capital IPO, HDB Financial Services IPO and SBI Cards IPO), ‘first’ QIP through offer for sale in India (Macrotech QIP), ‘first’ IPO by an insurance company in India (ICICI Prudential IPO), ‘first’ IPO by a general insurance company in India (ICICI Lombard General Insurance IPO), and ‘first’ subordinated debt offering by an insurance company in India (ICICI Lombard General Insurance). She is also advising a large conglomerate on a highly complex securities regulatory matter.

She has recently advised on (among others) IPOs of Tata Capital, HDB Financial Services, Ajax Engineering, Vishal Mega Mart, Aadhar Housing Finance, Tata Technologies, Adani Wilmar, and QIPs of SBI, Adani Adani Enterprises, Adani Energy Solutions, Godrej Properties, Macrotech Developers and HDFC Limited, and rights issues of NDTV and Adani Enterprises (ongoing).

She is a member of the Southeast Asia/ Oceania and India Committee of the International Law Section of American Bar Association.

She assisted, on behalf of the Firm, in preparing the standard guidelines on Regulation 30 of the SEBI Listing Regulations for Industry Standard Forum (set up by SEBI). She has also taken lectures as part of the securities law course offered by Government Law College. She regularly contributes to ‘Insight’ (in-house newsletter), which is released to the clients on a quarterly basis and has written blogs available on the Firm’s website.

Relevant Experience:

INR 250,000 million QIP by State Bank of India in July 2025. This is the ‘largest’ QIP of equity shares by an Indian issuer. Also advised State Bank of India on its previous QIP in 2017.
INR 205,572.31 million IPO by Life Insurance Corporation of India in May, 2022. Also advised Government of India, being the selling shareholder. This is the ‘second largest’ IPO of equity shares in India.
INR 155,118 million IPO by Tata Capital Limited in October 2025. Also advised Tata Sons Limited, being the selling shareholder. This is the ‘largest’ ever IPO in India by an NBFC and ‘fourth largest’ IPO of equity shares in India.
INR 125,000 million IPO by HDB Financial Services Limited in July 2025. This is the ‘sixth largest’ IPO of equity shares in India.
INR 103,407.88 million IPO by SBI Cards And Payment Services Limited in March 2020. This is the ‘tenth largest’ IPO of equity shares in India.
INR 80,000 million IPO by Vishal Mega Mart Limited in December 2024.
INR 60,000 million IPO by ICICI Prudential Life Insurance Company Limited in September, 2016. Also advised ICICI Bank Limited, being the selling shareholder. This is the ‘first’ IPO by an insurance company in India.
INR 57,009.4 million IPO by ICICI Lombard General Insurance Company Limited in September 2017. Also advised ICICI Bank Limited, being the selling shareholder. This is the ‘first’ IPO by a general insurance company in India.
INR 4,850 million private placement of NCDs by ICICI Lombard General Insurance Company Limited. This is the ‘first’ private placement of other form of capital by an insurance company in India.
INR 35,469.34 million QIP by Macrotech Developers Limited in December 2022. This is the ‘first’ QIP through an offer for sale of equity shares by an Indian issuer.
INR 154,348.50 million QIP of warrants and NCDs by Housing Development and Infrastructure Limited in September 2015. Also advised Housing Development and Infrastructure Limited on its previous QIP in 2020 and 2018.
Private placement of 7.5% subordinated convertible bonds due 2075 aggregating to USD 300 million by GMR Infrastructure Limited to Kuwait Investment Authority, in accordance. This is the first transaction under the new regime for long term external commercial borrowings notified by Reserve Bank of India through the Circular on ‘External Commercial Borrowings (ECB) Policy – Revised framework’ and the first issue of long-term foreign currency convertible bonds by an Indian company.
USD 500 million green bonds offering by Greenko Investment Company, which was guaranteed by Greenko Energy Holdings in August 2016. This was the first high-yield issuance of its kind.
USD 417 million IPO of units by Religare Health Trust (and the consequent listing of units on Singapore Stock Exchange) in October 2012. It was a listing of first business trust comprising healthcare assets in India.