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Rise of Indian Private Credit

Welcome to the special episode of the Mint Podcast, presented by Mint in collaboration with JSA Advocates & Solicitors, which is now live.

In this episode, hosted by Neil Borate, our partners Tirthankar Datta and Divyanshu Pandey delve into the dynamic rise of private credit within India’s financial landscape. They provide an in-depth analysis of the key growth drivers propelling this sector forward, examine current investor trends that are shaping its trajectory, and discuss the evolving regulatory environment that is impacting its development.

Initial Public Offering of Oswal Pumps Limited

JSA Advocates and Solicitors advised the book running lead managers, namely, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Axis Capital Limited, CLSA India Private Limited, JM Financial Limited, and Nuvama Wealth Management Limited, on Oswal Pumps Limited’s initial public offering of approximately ₹1,694 crore (which included the secondary sale of approximately ₹300 crore by the Promoter Selling Shareholder). The Prospectus was filed on June 17, 2025 further to which the equity shares commenced trading on the stock exchanges on June 20, 2025.

JSA’s team was led by Arka Mookerjee (Lead Partner), along with support from Pracheta Bhattacharya (Partner) and Anshu Bansal (Partner), and Ananth Balaji (Principal Associate), Govind Roy (Senior Associate), Ayushi Pandit (Associate), Aditi Khandal (Associate), Ritu R Jaiswal (Associate), Vaishnavi Kokkonda (Associate)

JSA represented Biocon Limited in raising ₹4,500 crore through a Qualified Institutions Placement

JSA Advocates and Solicitors represented Biocon Limited with its Qualified Institutions Placement (“QIP”) of equity shares amounting to ₹4,500 crore. Kotak Mahindra Capital Company Limited, BofA Securities India Limited, and Goldman Sachs (India) Securities Private Limited acted as Book Running Lead Managers to the QIP.

JSA’s team led by Madhurima Mukherjee Saha (Lead Partner), along with support from Equity Capital Markets team, including Sagar Batra (Partner), and Bhavini Mohan (Senior Associate), Aryaman Singh (Associate), Nidhi Prakriti (Associate), Rachit Munjal (Associate), advised the Biocon Limited.

JSA is advising Bharat Coking Coal Limited on its proposed Initial Public Offering

JSA is advising Bharat Coking Coal Limited in connection with its proposed initial public offering of equity shares (“IPO”), comprising an offer for sale of up to 465,700,000 equity shares by Coal India Limited. Bharat Coking Coal Limited filed its draft red herring prospectus with SEBI and the stock exchanges on May 31, 2025.

The proposed offering is part of the Government of India’s broader disinvestment initiative and marks a key milestone for Bharat Coking Coal Limited.

The transaction team was led by Arka Mookerjee (Lead Partner), with support from Equity capital markets team, Pracheta Bhattacharya (Partner), Sourav Modi (Principal Associate), and Aditya Shendye (Associate), Dhvanit Kothari (Associate), Nikhil Panchal (Associate), and Bernedict Rozario (Associate).

JSA is advising Central Mine Planning & Design Institute Limited on its proposed Initial Public Offering

JSA is advising Central Mine Planning & Design Institute Limited (CMPDI) in relation to its proposed initial public offering (IPO) of equity shares. The IPO comprises an offer for sale of up to 71,400,000 equity shares by Coal India Limited. CMPDI filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and the stock exchanges on May 27, 2025.

The proposed offering is part of the Government of India’s broader disinvestment initiative and marks a key milestone for CMPDI, a premier consultancy in coal exploration, mine planning, and design.

The transaction team was led by Arka Mookerjee (Lead Partner), with support from Equity capital markets team, Pracheta Bhattacharya (Partner), Sourav Modi (Principal Associate), and Aditya Shendye (Associate), Dhvanit Kothari (Associate), Nikhil Panchal (Associate), andBernedict Rozario (Associate).