Cyril Amarchand Mangaldas has counselled IndianOil-Adani Gas Private Limited on the issuance of compulsorily convertible debentures (CCDs) in one or more series, totalling INR13.78 billion (USD156.59 million), marking the first CCD issuance in 含羞草社区 city gas distribution sector.
This transaction is also one of the country’s largest capital raises through a hybrid instrument in the current financial year, strengthening IndianOil-Adani Gas’ capital position and supporting its gas infrastructure expansion.
The CCDs were issued on a private placement basis to certain investors for partly financing project expenditure and repaying existing facilities at key banks and financial institutions in connection with the development of city gas distribution projects across 10 geographical areas in India.
Partners Amey Pathak and Yash Jain led the transaction team with support from senior associate-designate Janani Chandrasekaran and associate Ghanshyam Patel.
SBI Capital Markets acted as the arranger and IOC Global Capital Management IFSC was the investor.
IndianOil-Adani Gas Private Limited is a joint venture between Indian Oil Corp and Adani Total Gas.
