Cyril Amarchand Mangaldas acted as legal counsel to the Titan Company Limited (Titan), in relation to issuance of listed, unsecured, rated, redeemable, non-cumulative, non convertible debentures (NCDs), aggregating to INR 2500 crore.
The Banking, Corporate & Structured Finance team of Cyril Amarchand Mangaldas advised on the matter. The transaction team was led by Lakshmi Prakash, Partner; with support from Kushal Rohira, Principal Associate Designate; and Himanshi Mahajan, Associate.
Bharath Reddy, Partner; provided strategic inputs on corporate related aspect of the transaction.
As a part of the transaction, 2,50,000 listed, unsecured, rated, redeemable, non-cumulative, non convertible debentures were issued, aggregating to INR 2500 crores only, in 2 (two) tranches, each including issuance of 1,25,000 rated, unsecured, listed, redeemable non-convertible debentures of the face value of INR 1 lakh each, aggregating up to INR 1,250 crores.
Other parties and advisors to the transaction included Kotak Mahindra Bank Limited and Axis Bank Limited (acted as arranger for Titan); Axis Trustee Services Limited (acted as debenture trustee for Titan); BSR & Co LLP (acted as auditor for Titan); and TSR Consultants Private Limited (acted as registrar for Titan).
The issue concluded in the first week of November 2023.
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About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government, and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 170 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.
