Cyril Amarchand Mangaldas (CAM), Shardul Amarchand Mangaldas & Co (SAM) and Sidley Austin assisted on non-banking financial company (NBFC) Poonawalla Fincorp’s qualified institutionals placement (QIP) of shares, raising around INR25 billion (USD269 million).
SAM counselled Poonawalla Fincorp, with partners Nikhil Naredi and Shubhangi Garg leading the team. Senior associate Shweta Singh, and associates Aryan Gupta and Soham Chakraborty provided support.
CAM advised the bookrunning lead managers, Kotak Mahindra Capital, Jefferies India, and JP Morgan India. Sidley Austin’s Singapore office acted as international counsel.
“The company, as an NBFC, operates within a highly regulated framework,” said Manan Lahoty, lead partner for CAM. “The team carefully balanced disclosure and compliance requirements to ensure that the offer document contained all necessary information, while safeguarding the company’s commercial interests.”
Lahoty co-led the CAM transaction team with Manshoor Nazki, assisted by principal associate Anjali Menon, senior associate designate Veena Raghav, as well as associates Bhaskar Kumar, Aarya Maheshwari, Medha Biswas and Naman Kulshrestha.
The QIP’s net proceeds will be used to support lending expansion, strengthen its capital base, and repay or prepay certain existing borrowings.
Mumbai-headquartered Poonawalla Fincorp is an NBFC providing loans to consumers as well as medium, small and micro enterprises, and has disbursed more than 160 million loans.
