S&P advised on filing of Draft Shelf Prospectus by Indiabulls regarding public issue of debentures worth Rs. 1,000 crores

LE Desk

New Delhi, August 30, 2021: Saraf and Partners (S&P) advised Indiabulls Hosing Finance Limited,Edelweiss Financial Service Limited, IIFL Securities Limited, and Trust Investment Advisors Private Limited, on the filing of a Draft Shelf Prospectus by Indiabulls in connection with its public issue of secured and/or unsecured non-convertible debentures for an amount of up to Rs. 1,000 crores.

S&P advised the Lead Managers on the filing of a Draft Shelf Prospectus by Indiabulls in connection with its public issue of secured and/or unsecured non-convertible debentures for an amount of up to Rs. 1,000 crores. The first tranche of the transaction is expected to close in mid-September 2021 post receipt of regulatory approvals, the Law Firm said in a press statement.

The Firm also advised Indiabulls and the Lead Managers in negotiations with other parties involved on the transaction, such as the debenture trustee (IDBI), the statutory auditors (Ernst and Young), the registrar (Karvy), and the credit rating agencies (CRISIL and Brickwork). 

The Law Firm provided key support to Indiabulls in terms of managing the transaction and coordinating between multiple parties involved; assisted the Lead Managers on due diligence; and advised Indiabulls and the Lead Managers on various aspects of Indian Law.

This transaction is the first public issue in India under the recently promulgated SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, which came in to force on the 9th of August 2021.

S&P team was led by Partner Murtaza Zoomkawala, who was assisted by Associate Pallavi Singhal.