Cyril Amarchand Mangaldas advised IndianOil-Adani Gas Private Limited on CCD issuance
The leading law firm Cyril Amarchand Mangaldas advised IndianOil-Adani Gas Private Limited (IOAGPL) in relation to the issuance of compulsorily convertible debentures (CCDs) in one or more series, aggregating up to INR 13,780 million, to certain specific investors on a private placement basis.
The proceeds are proposed to be used for part financing of project expenditure and repayment of existing facilities availed from certain banks and financial institutions in connection with setting up city gas distribution projects across 10 geographical areas in India.
This deal marks the first-ever CCD issuance in India’s city gas distribution sector and represents one of the largest capital raises via a hybrid instrument in this financial year, strengthening IOAGPL’s capital position and supporting its gas infrastructure expansion.
The Cyril Amarchand Mangaldas team advising on the matter was led by Amey Pathak (Partner, Head – Banking) and Yash Jain (Partner), with support from Janani Chandrasekaran (Senior Associate – Designate) and Ghanshyam Patel (Associate).
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