New Delhi, August 16, 2021: Saraf & Partners (S&P) advised Nayara Energy Limited in relation to the raising of non-convertible debentures of a face value of Rs 10 lakh each with a base issue size of Rs One Thousand Crores, which was oversubscribed by 128.5% times and garnered a total interest of Rs 2,285 crores, the Law Firm has said.
This was Nayara’s maiden listed debt issuance and one of the largest listed issuances by a privately held company under the newly introduced regulations for listed secured debentures by SEBI.
“Nayara’s bonds are rated AA (Stable outlook) by CARE Ratings. The proceeds of the issuance be utilised for refinancing / repayment of existing debt facilities, funding working capital requirements or new capital expenditure or regular/maintenance capital expenditure, reimbursement of capital expenditure and/or any other general corporate purpose,” S&P said in a press statement.
The Issue was opened on August 12, 2021, and the debenture trust deed and security documents were executed on August 11, 2021. The Debentures are to be listed on the debt market segment of the Bombay Stock Exchange, it added.
The S&P team was led by Partner Rohit Raghavan, assisted by Associates Devashree Limaye and Nirmal Bhansali. Partner Vivek Pareek and Associate Shruti Khetan also provided assistance in the initial stages of the transaction, the statement said.