New Filters: Banking and Finance (including Securities)

If you are not happy with the results, please do another search

Unlocking Value Of Unlisted Players Via IPOs Enroute India’s Booming Long Term Economy

Indirect conducive contributors

As India steadily moves towards the upcoming general elections in April-May 2024 anticipating an optimistic result, Indian Capital Markets is one sure shot domain which is likely to yield benefits across the entire spectrum.

Global brands are continuously queuing up to set up Indian operations forecasting the benefits of our developing nation. Similarly on the investment receiving side, various state focused roadshows were recently set up and also broadcasted during the World Economic Forum’s Annual Conference 2024 in Davos.

Please click here or refer to the below document to read the full article by Siddhartha Desai published in Legal Era.

Loan facility of up to INR 37.9 billion to Hindustan Gateway Container Terminal Kandla Private Limited

JSA advised Hindustan Gateway Container Terminal Kandla Private Limited in relation to a loan amounting up to INR 37.9 billion (Indian Rupees Three Thousand Seven Hundred and Ninety Crores only) (“Loan”) to be availed from a consortium of lenders consisting of National Bank for Financing Infrastructure and Development (“NABFID”) and Axis Bank Limited (“Axis Bank”).

An amount of INR 17.5 billion (Indian Rupees One Thousand Seven Hundred and Fifty Crores only) will be provided by each of NABFID and Axis Bank by way of a term loan. Additionally, guarantee facility amounting up to INR 1.4 billion (Indian Rupees One Hundred and Forty Crores only) and hedge facility amounting up to INR 1.5 billion, (Indian Rupees One Hundred and Fifty Crores only) will be provided by Axis Bank.

The Loan will be utilised for the purpose of inter alia part-financing the development of a container terminal at Tuna-Tekra, Deendayal Port, Gujarat for an overall enhanced capacity of 2.682 million twenty-foot equivalent units.

Our transaction team comprised of Lead Partner – Soumitra Majumdar, Partner – Abhishek Ray and Principal Associate – Abhay Agarwal.

IPO of GPT Healthcare Limited

JSA advised JM Financial Limited, the book running lead managers in relation to the initial public offering of equity shares of GPT Healthcare Limited (“IPO”) comprising a fresh issue of ₹400.00 million by the Company and an offer for sale by Banyan Tree Growth Capital II, LLC, of 26,082,786 Equity Shares aggregating to ₹4851.40 million.

GPT Healthcare Limited is one of the key regional corporate healthcare companies in Eastern India in terms of number of beds and hospitals as of Fiscal Year 2023. (Source: CRISIL Report) They operate a chain of mid-sized full service multispecialty hospitals in Eastern India under the “ILS Hospitals” brand and provide integrated healthcare services, with a focus on secondary and tertiary care.

Deal value: INR 5,251.40 million

Our Transaction Team Lead Partner – Arka Mookerjee, Partner – Pracheta Bhattacharya, Senior Associate – Sourav Modi, and Associate – Jeebitesh Bhattacharya and Reshmi Prabhakar.

Issuance of maiden US$ 540 Million Secured US$ Bonds by IRB Infrastructure Developers Limited

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.

JSA advises Sumitomo Wiring in its stake sale in Samvardhana Motherson International

JSA advised Sumitomo Wiring Systems Ltd., in its sale of 4.43% of the equity capital of Samvardhana Motherson International through block deals.

Sumitomo Wiring Systems, Japan (SWS) and H. K. Wiring Systems, a subsidiary of SWS, who jointly held 14.32% equity share in Samvardhana Motherson International (SAMIL), has announced that it has sold 300 million shares amounting to 4.43% shares in SAMIL.

The move is part of SWS of its investment portfolio management efforts, thus diluting its stake to 9.89% in SAMIL.

Our Transaction Team Comprised Partner – Vikram Raghani, Birbahadur Sachar, Pracheta Bhattacharya and Associate – Tavishi Chandra.

Revolutionising Cross-Border Payments: The New Rules for FinTechs in India

A valuable segment within the Indian FinTech industry, the facilitators of cross-border payments, are on the verge of a significant transformation. This shift is in anticipation of the challenging new Payment Aggregator-Cross Border (PA-CB) Regulations introduced by the Reserve Bank of India (RBI). While aimed at improving transparency, the new framework necessitates FinTechs to potentially restructure their operations, make significant additional investments in technology, and forge new partnerships to effectively meet compliance standards. This is not just about following new rules; it signals a new era where the RBI is determined to bring openness and responsibility to financial players handling funds in India. While it is a positive step for a more responsible industry, it does mean that FinTechs will have to deal with onerous compliance duties.

Click here to read the full article co-authored by Probir Roy Chowdhury and Tanya Nayyar (Regulatory Counsel).

IPO of Apeejay Surrendra Park Hotels Limited

JSA advised Apeejay Surrendra Park Hotels Limited (the “Company”) and the promoter group selling shareholder in relation to its initial public offering of equity shares aggregating to ₹ 9,200 million (the “IPO”) comprising a fresh issue of ₹ 6,000 million and an offer for sale by certain selling shareholders aggregating to ₹ 3,200 million.

As per news reports, the IPO was oversubscribed 59.66 times, with the QIB portion being oversubscribed 75.14 times, NII portion being oversubscribed 52.41 times and retail investors’ portion being oversubscribed 30.35 times.

The Book Running Lead Managers to the IPO were JM Financial Limited, Axis Capital Limited and ICICI Securities Limited.

Deal value: INR 9,200 million

Our Transaction Team Comprised Lead Partner – Madhurima Mukherjee Saha, Principal Associate – Shivali Singh, Senior Associate – Sagar Batra, Associate – Shristi Kanchan, Richa Prasad, Bhavya Upadhyay, and Sanat Goel.

Maiden listed NCD issue by Data Infrastructure Trust

JSA advised Data Infrastructure Trust (“Data InvIT”), registered as an infrastructure investment trust (“InVIT”) under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 and sponsored by Brookfield Asset Management, in connection with issue of listed, rated, secured, redeemable, non-convertible debentures for an aggregate amount of INR 3,200,000,000 (Indian Rupees Three point Two Billion) (“NCDs”) on a private placement basis by Data InvIT to a mutual fund (“Investor”).

This is the maiden listed bond issuance by the Data InVIT. The InvIT holds special purpose vehicles which are engaged in the business of setting up and maintaining passive tower infrastructure and related assets and providing passive tower infrastructure services and shared telecom infrastructure provider.

Our Transaction Team Lead Partner – Tirthankar Datta, Principal Associate – Nakul Sonejee and Associate – Ciol Kumar

Initial Public Offering of Capital Small Finance Bank Limited

JSA advised Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), DAM Capital Advisors Limited and Equirus Capital Private Limited in relation to the initial public offering of equity shares by Capital Small Finance Bank Limited aggregating to INR 5,230.70 million through a fresh issue of equity shares and an offer for sale by Oman India Joint Investment Fund II, Amicus Capital Private Equity I LLP, Amicus Capital Partners India Fund I, and Certain Other Persons Listed in the Prospectus.

Deal value: INR 5,230.70 million

Our Transaction Team Comprised Lead Partner – Arka Mookerjee, Partner – Siddhartha Desai, Associate – Reshmi Prabhakar, Jeebitesh Bhattacharya and Anvita Sinha.

Deals & Matter Corner

View More

Articles & Publications


View More

JSA Live

View More

Blogs

View More