JSA advised Grip Invest Advisors (“Grip”) on the listing of its latest alternative investment offering – Securitised Debt Instruments (“SDI”) at the National Stock Exchange, Mumbai (“NSE”). The listing of such privately placed SDIs is a significant milestone in the history of alternate investment offerings as it marks several firsts for such instruments:
- 1st ever SDI to be listed on the NSE
- 1st such instrument to be rated by CRISIL
- 1st such offering available for 100 per cent individual investor participation
Additionally, this is a socially aware, green investment product with more than 50 per cent of the underlying exposure being based on electric vehicle/battery mobility industry JSA has acted as counsel for the transaction and has been involved in the structuring and implementation of the transaction, including:
- on the setting up of the special purpose distinct entity (“SPDE”);
- advising on the arrangement between the originator and the SPDE, the role of the servicer, nature of the credit enhancements;
- on the documentation;
- listing process of the SDIs; and
- general advice on Indian law and regulations.
JSA also conducted a legal due diligence on the lessees in relation to the operating lease agreements which forms the core of these SDIs.
Grip has been at the forefront of offering alternative investment offerings to individual investors. It is playing an integral role in disrupting the alternative investment market by offering not just attractive rewards but also regulatory-compliant instruments, with accessible ticket sizes. Over a period of time, Grip has constantly innovated its investment offerings.
Commenting on the listing, our Equity Partner – Sidharrth Shankar said, “We are delighted to be part of this one of its kind transaction and to have represented Grip. This sets the precedent for the first ever SDI listing on the National Stock Exchange and this success is largely attributable to the perseverance of the team involved in undertaking this landmark exercise.”
JSA team comprised Lead Partner – Sidharrth Shankar, Partners – Anjana Potti and Niruphama Ramakrishnan, Of-counsel – Abhishek Ray, Senior Associate – Yashaswee Sarkhel, Associates – Sneh Choudhary & Zahan Kalyaniwalla, and Assistant Company Secretary – Shristi Kanchan.
Abhishek is a partner at JSA and specializes in Banking & Finance, Fintech and Private Equity.