Khaitan & Co advised SBI Funds Management Limited on one of India’s largest asset-backed securitisation issuances
The leading law firm in India, Khaitan & Co advised SBI Funds Management Limited in connection with one of India’s largest asset-backed securitisation issuances, involving investment in listed pass-through certificates (PTCs) backed by securitised receivables aggregating up to INR 21,000 crores. The PTCs were issued by three trusts: Radhakrishna Securitisation Trust, Shivshakti Securitisation Trust, and Siddhivinayak Securitisation Trust, and listed on the BSE and NSE.
The securitised receivables comprised loans to Digital Fibre Infrastructure Trust (DFIT) by the originators, Jamnagar Utilities & Power Private Limited and Sikka Ports & Terminals Limited, along with receivables under the put/call option obligations of Reliance group entities, including Reliance Industries Holding Private Limited, Srichakra Commercials LLP, Karuna Commercials LLP, Devarshi Commercials LLP, and Tattvam Enterprises LLP, pursuant to the DFIT loan option agreements.
The PTCs also included credit support from the retained interest of the originators, which is subordinated up to 2x coverage of the uncovered portion from redemption proceeds on the PTCs payable by DFIT. The transaction was arranged by Barclays Bank Plc.
The Khaitan & Co team advising on the matter was led by Manisha Shroff (Partner) and Riya Bhattacharjee (Partner), with support from Siddarth Goel (Senior Associate), Gyana Pathak (Associate), and Arihan Bothra (Associate).
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