9 January, 2019
Cyril Amarchand Mangaldas (CAM) advised HDFC Bank, the sole arranger for issuance of Non-Convertible Debentures (NCDs) by Aqua Space Developers Private Limited (Aqua Space Developers). The issuance will be largely used to refinance the existing debt of Aqua Space Developers availed for the construction of its 17.80 acres residential project ‘My Home Bhooja’ in Hyderabad, Telangana.
The Financing practice of Cyril Amarchand Mangaldas advised on due diligence, structuring, drafting, negotiating and finalising of the transaction documents. The Transaction team was led by Amey Pathak, Partner; and included Abir Dey, Principal Associate; Madhur Verma, Associate; Pratiek Samantara, Associate; and Aroop Das, Associate.
As a part of the Transaction, Aqua Space Developers issued unlisted and secured non-convertible debentures (NCDs) for an amount aggregating to INR 750 Crores. HDFC Bank was the sole arranger and the debentures were subscribed by fund houses (“Investors”).
The parties and advisors involved in the Transaction included Catalyst Trusteeship Limited (debenture trustee for the Investors) and HDFC Bank (sole arranger).
The debenture trust deed and other debenture documents were executed on December 26, 2018 and are expected to be closed by January 31, 2018 subject to necessary approvals.
