Cyril Amarchand Mangaldas advised Navi Finserv Limited (Navi Finserv), in relation to its maiden public issue of secured, rated, listed & redeemable non-convertible debentures (NCDs) to raise INR 495 crore. CAM also advised A.K. Capital Services Limited and JM Financial Limited, the Book Running Lead Managers (BRLMs) to the issue.
The Capital Markets Practice and the Finance Practice of Cyril Amarchand Mangaldas assisted Navi Finserv in the preparation of deal structuring as well as key documentation keeping in mind the nascency of the sector and regulatory framework on the transaction. The transaction team led by Vijay Parthasarathi, Partner; Lakshmi Prakash, Partner; Rohit Tiwari, Partner; with support from Utsav Dubey, Principal Associate; Akshay Singh Ralhi, Senior Associate; Kushal Rohira, Senior Associate; Satakshi Sharma, Associate; Vedansh Batwara, Associate; and Rishika Sharma, Associate.
As a part of the transaction, Navi Finserv has proposed to issue secured, rated, listed redeemable non-convertible debentures (NCDs) of face value of Rs. 1,000 each for an amount aggregating up to Rs. 300 crores, with an option to retain oversubscription up to Rs. 300 crores, aggregating up to 6,000,000 NCDs for an amount up to Rs. 6,000 crores. 49,57,209 NCDs aggregating up to Rs. 4,957,209,000 were allotted pursuant to a resolution of the debenture committee of the Board of Directors of Navi Finserv, on June 8, 2022.
The transaction was signed on April 18, 2022; and closed on June 8, 2022..
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 160 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.
