JSA advised IRB Infrastructure Developers Limited (“ Issuer” or “IRB “) on its maiden Reg S / Rule 144A US$ 540 Million 7.11 % due 2032 senior, secured US$ denominated Notes issuance to overseas investors (“Issue”).
IRB is India’s leading and largest integrated and first multinational transport and infrastructure developer in roads and highways sector, with a prominent and major presence in the Build- Operate- Transfer (BOT) space.
The Notes are listed on the India International Exchange (IFSC) Limited (“India INX”).
JSA also assisted and facilitated listing of the US$ Notes on the Global Securities Market of India International Exchange(IFSC) Limited (“India INX”), India’s international stock exchange at the GIFT City.
IRB’s US$ Bonds transaction has many firsts to its credit:-
- The transaction is a debut US$ Bonds Offering by IRB. The Issue is the maiden issuance by the Issuer in the international debt capital markets.
- The Issue was oversubscribed and witnessed a thumping investor interest amongst sophisticated investors, especially, anchor investors in the US and Asia Pacific.
- It’s the first US$ Rule 144A Bonds issuance by a corporate, especially an Indian infrastructure development and construction multi- national company.
- It is the second High Yield Rule 144A Bonds issuance from out of India in 2024 in the global debt capital markets.
Our Transaction Team Comprised Lead Partner – Dina Wadia, Partner – Uttara Kolhatkar, Associate – Zahan Kalyaniwalla and Vedant Gupta.
Our Tax Team Comprised Partner – Kumarmanglam Vijay and Of Counsel – Surajkumar Shetty.
Our Due Diligence Team (for Legal Proceedings) Comprised Partner – Varghese Thomas and Associate – Virgil Braganza.
Kumarmanglam is an equity partner of the firm and also heads the direct tax and regulatory practice at JSA. He has more than 25 years of experience in matters relating to direct taxation (including international taxation, transfer pricing, litigation, anti-avoidance laws, and M&A tax), accounting, and corporate laws including mergers and acquisition, joint ventures, foreign investments, market entry strategy, and corporate restructuring.
Surajkumar Shetty has extensive experience in advising clients on various aspects relating to direct taxation such as M&A transactions, devising appropriate risk mitigation and litigation strategies, restructuring businesses and business transfers, drafting and negotiating agreements from an income-tax standpoint, funds taxation, etc.
Uttara’s practice area is focused on Finance, and her specialization is Debt Capital markets, viz. Bonds, MTNs, FCCBs.
Varghese specialises in handling matters related to the Insolvency & Bankruptcy Code and debt recovery proceedings. He routinely appears for Indian and foreign banks.