Banking and Finance

Khaitan & Co advised Cerberus Capital Management L.P. and some other investors on their investment in a landmark transaction involving the Shapoorji Pallonji Group. The transaction included (i) the issuance of up to INR 21,350 crores of unrated, unlisted, secured, zero-coupon redeemable non-convertible debentures issued by Eqyizen Investment Pvt Ltd, a Shapoorji Pallonji Group company, and (ii) the issuance of senior, secured USD bonds aggregating to USD 650 million being issued by Mercury Finance Company.

Khaitan & Co advised State Bank of India (SBI) as the issuer counsel for the issue of non-convertible, taxable, perpetual, subordinated, unsecured, fully paid-up BASEL III compliant Additional Tier 1 Bonds in the nature of debentures by State Bank of India with issue of INR 3000 crores and a green shoe option of INR 2000 crores, aggregating to INR 5000 crores on private placement basis.

Khaitan & Co advised Bain Capital on its acquisition (through its affiliates Integral Investments Asia IV Ltd and BCPE Wellbeing Holdco Two Ltd) of UK’s Vitabiotics Group, comprising Omega Meyer and its subsidiaries across the United Kingdom, India, China, Egypt, Nigeria, Indonesia, the United States, Jersey, the Bahamas and Switzerland and Meyer Organics Pvt Ltd in India.

Khaitan & Co advised the board of directors of Vikram Solar Ltd in successfully challenging, before the National Company Law Appellate Tribunal, the order passed by the Hon’ble National Company Law Tribunal, Kolkata Bench, commencing the corporate insolvency resolution process of Vikram Solar Ltd pursuant to an application filed by an operational creditor of the company.

Khaitan & Co advised Canara Bank, through its IFSC Banking Unit (“Bank”), on tap issuance of U.S.$200 million 4.896% senior unsecured notes due 2029 to be immediately fungible and form a single series with the existing 4.896% US$ 300 million senior unsecured notes due 2029, issued under Regulation S of the U.S. Securities Act, 1933. The Notes were issued under the Bank's existing U.S.$3 billion medium term note programme and are listed on both the India INX IFSC Limited and the Singapore Exchange (SGX).

Khaitan & Co advised financial institutions led by Kotak Mahindra Investments Ltd and Kotak Mahindra Bank Ltd on providing term loan and working capital facilities amounting to up to INR 327 crores to Deepak Fasteners Ltd, for, inter alia, refinancing existing debt availed by Deepak Fasteners Ltd from multiple AIFs, including those managed by EAAA.