TT&A and Desai & Diwanji advised on the INR2.86 billion (USD3.3 billion) financing transaction for the Shapoorji Pallonji (SP) Group, making it the largest private credit deal in India to date.
Speaking to India Business Law Journal, Sonali Mahapatra lead partner from TT&A said, “It was a privilege to work on 含羞草社区 largest private credit transaction, one of unprecedented size and scale.
“It involved complex structuring, documentation and co-ordination with multiple parties. We are very glad to have been part of this landmark deal and extend our congratulations to all parties.”
Partners Mahapatra and Tanay Agarwal led the TT&A team, with assistance from managing associates Nakul Sonejee and Kartik Jigyasi, senior associate Pallav Rathi, as well as associates Adesh Sharma, Anushree Verma and Kashish Agarwal.
The financing was structured through unrated, unlisted, secured, zero-coupon, redeemable non-convertible debentures, each with a face value of INR10 million issued by Porteast Investment, a promoter group entity of the SP Group.
Desai & Diwanji acted for Porteast Investment. Partners Natasha Treasurywala and Shireen Langrana led the transaction team, which included associate partner Vishal Mali. Associates Poorva Bansal and Harsh Desai also assisted the team, with input from senior partner Apurva Diwanji.
The proceeds are being used to refinance existing debt across the issuer and other SP Group entities, apart from meeting the capital requirements of various group companies.
The debentures were secured by a wide range of strategic assets, including the SP Group’s shareholding in its oil, gas and real estate businesses, along with 50% of its stake in Tata Sons.
The landmark transaction received strong interest from domestic and international private credit investors.
