Khaitan & Co Advised Funds Managed By EAAA India Alternatives And Omkara On Structured Debt Investment In J.U.D. Cements

Posted on By Legal 60

Khaitan & Co advised funds managed by EAAA India Alternatives and Omkara on structured debt investment in J.U.D. Cements

Khaitan & Co advised funds managed by EAAA India Alternatives Limited (“Edelweiss”) and Omkara Assets Reconstruction Private Limited (“Omkara”) in relation to a structured debt transaction involving an aggregate investment of INR 245 crores in J.U.D. Cements Limited (“Company”).

The transaction included:

  • (i) Acquisition of the Company’s existing debt by Omkara from Asset Reconstruction Company (India) Limited (“ARCIL”) and restructuring of such debt;
  • (ii) Investment by Edelweiss through subscription to unlisted, unrated, secured, redeemable non-convertible debentures (“NCDs”) issued by the Company; and
  • (iii) Acquisition of equity shareholding of the Company by Edelweiss from ARCIL and the existing promoters.

The proceeds of the NCDs were utilised for on-lending to affiliates for one-time settlement, capital expenditure, and working capital requirements of the Company.

The Firm’s role included

  • (i) Advising on the transaction structure,
  • (ii) Conducting legal and title due diligence and mitigating key issues arising out of such due diligence exercise,
  • (iii) Drafting, negotiating and finalizing the transaction documents for the issuance of NCDs and restructuring of existing debt,
  • (iv) Supervising completion of conditions precedent and conditions subsequent,
  • (v) Assistance in execution of transaction documents, and
  • (vi) Advising on ancillary matters as investors’ legal counsel.

The Khaitan & Co team was led by Rahul Chakraborti (Partner), with support from Savni Tewari (Counsel), Sarika Jhanwar (Senior Associate), Prashasti Priya (Senior Associate), Prashamsha Tulachan (Associate), Akash Mukherjee (Associate), and Kartikey G (Associate).

Advice on title diligence and real estate aspects, the team included Gaurav Dasgupta (Partner) and Nikunj Jhunjhunwala (Senior Associate).

On litigation aspects, Srishti Kapoor (Senior Associate)

Advice on execution of transaction documents, the team included Ojasav Chitranshi (Associate) and Dishay Piyush Chitalia (Associate).

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