J. Sagar Associates (JSA) advised HDFC Bank Limited, India’s largest private sector bank, in the issue of U.S.$ 1,000,000,000 3.70% of Additional Tier I Notes (“ US$ AT1 Notes”) by HDFC Bank Limited (“ Offering”).
JSA also assisted and facilitated listing of the US$ AT1 Notes on the Global Securities Market of India International Exchange( IFSC) Limited (“India INX”), India’s international stock exchange at the GIFT City. The US$ AT1 Notes are also listed on NSE IFSC Limited (“ NSE IFSC”) , India’s international stock exchange at the GIFT City.
The transaction has many firsts:-
- The transaction is a debut US$ AT1 Notes Offering by HDFC Bank .
- The transaction is the largest US$ AT1 offering by any bank from India.
- The transaction has one of the tightest pricing achieved by any bank from Asia with Ba3 rating.
- The transaction was oversubscribed by over four times.
- The US$ AT1 Notes are exclusively listed at India INX and NSE IFSC Limited.
- The transaction concluded in the midst of the unrelenting Covid – 19 pandemic.
JSA team comprised Lead Partner – Dina Wadia, Partner – Uttara Kolhatkar, Junior Associate – Zahan Kalyaniwala, Partner (Income Tax) – Kumarmanglam Vijay, Associate (Income Tax) – Shiv Singhal.
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.
Uttara’s practice area is focused on Finance, and her specialization is Debt Capital markets, viz. Bonds, MTNs, FCCBs.