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DEALS - OPERACIONES
International law firm Freshfields Bruckhaus Deringer LLP has advised Essar Energy plc on its £1.3 billion Initial Public Offering on the London Stock Exchange. The Company's shares were admitted today to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities. The transaction involved an offering of shares representing approximately 23% of Essar Energy's share capital, plus an overallotment option over a further 2 per cent of Essar Energy's enlarged share capital. The offer price was fixed at 420 pence per share resulting in a market capitalisation for Essar Energy of £ 5.5 billion. The Company is expected to be included in the FTSE-100 index. The Freshfields team was led by London corporate partners Neil Radford and Stuart Grider, assisted by Counsel Todd Foy, senior associates Sheena Singla, Nick Wall and Nicholas Baumgartner and associates Kate Cooper, Kara Major and Jennifer Gillcrist. London partner Jonathan Cooklin and associate Faye Klempka assisted on UK tax matters, and London partner Simon Evans on employment and corporate governance matters. Essar Energy is an India-focused energy company with existing operations and projects under construction and development in both the power industry and the oil and gas industry. It is India's second largest power producer with a 12-year operating track record and owns one of India's largest oil refineries. Essar Energy had revenues of $8.5 billion in the financial year ended 31 March 2009 and $5.7 billion in the nine month period ended 31 December 2009.
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