Latham & Watkins has advised the Indian technology company, Satyam Computer Services, on its US $322.5m sponsored secondary offering of American depositary shares.

The Latham & Watkins team was lead by Singapore partner Michael Sturrock, with counsel Andrew Hutton, associates Matt Richards and Monisha Kamdar and paralegals Kim Wah Chan and Lauraine Ang maing up the team. Silicon Valley partner Tony Richmond and Washington DC partner John Huber also assisted.

Sturrock said this deal was unique as it was only the third such completed sponsored ADR deal out of India to date, following the lead of Infosys and the ICICI bank. "We represented the banks in the first two such completed deals and the company in this third one," he told ALB.

The ICICI deal, with Latham's representing India's second largest bank, was completed last month and was valued at US $436.7 million.

Latham's also represented Satyam with their US IPO on May 1 2001.

On the recent Satyam deal, Shearman & Sterling acted as the international counsel to the investment banks, with AZB partners the local counsel to the investment banks. Crawford Bailey acted as local counsel to Satyam.