Khaitan & Co Advised Cerberus Capital Affiliate on INR 28,600 Crores Investment in Shapoorji Pallonji Group’s NCDs
Khaitan & Co advised an affiliate of Cerberus Capital Management and certain other investors on their investment in unrated, unlisted, secured, zero coupon, redeemable non-convertible debentures issued by Porteast Investment Private Limited, part of the Shapoorji Pallonji Group, aggregating to INR 28,600 crores (approx. USD 3.3 billion). The issuance — India’s largest private credit transaction — is intended to refinance the existing debt of group entities. The debentures are secured by a pledge over 9.185% of the issued and paid-up equity share capital of Tata Sons Private Limited, alongside hypothecation of assets, pledge of shares, and group guarantees.
The Khaitan & Co team was led by Kumar Saurabh Singh (Partner) and Ahana Sinha (Partner), with support from Manas Pandey, Akash Mukherjee, and Kartikey G (Associates).
Additional support was provided on corporate law by Kartick Maheshwari (Partner), Tanushree Bhuwalka (Partner), and Vivek Badkur (Associate); on real estate matters by Amruta Joshi (Counsel), Rahul Sunil Agarwal (Principal Associate), Nupur Antrolikar, and Snehil Singhvi (Associates); on funds by Divaspati Singh (Partner) and Chirayu S Heddthale (Principal Associate); and on competition law by Soham Banerjee (Counsel).
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