Cyril Amarchand Mangaldas has advised the National Bank for Financing Infrastructure and Development (NaBFID) on the issuance of 500,000 non-convertible debt securities, valued at INR100,000 each, totalling INR50 billion (USD609 million).
Partner Meeta Kurpad led the CAM project and project finance team on the transaction, with the assistance of senior consultant Malavika Menon, principal associate Apoorv Jain and associate Manasvin Andra.
“We feel privileged to have advised NaBFID on this issuance and its previous debt raises as well. The issue was extremely successful – with an oversubscription of nearly six times. This is NaBFID’s third listed debt issuance,” said Kurpad.
“In light of SEBI’s efforts to deepen the bond market, successful issuances by institutions such as the NaBFID is encouraging. In fact, one of the key objectives of the NaBFID is also development of a deep and liquid market for bonds in India.”
The NaBFID is a specialised institution that is focused on addressing the long-term financing needs of the infrastructure sector in India.
The current issuance of debt securities – which are unsecured, rated, redeemable and taxable – had a base issue of USD244 million. The debt securities are now listed on both the National Stock Exchange of India and the BSE.
