Khaitan & Co advised JSW Paints Limited on acquisition finance and maiden issuance of NCDs worth INR 3,300 crore
The leading law firm in India, Khaitan & Co, acted as legal advisors to JSW Paints Limited (“Issuer”), part of the JSW Group, in relation to its acquisition finance and maiden issuance of listed, rated, unsecured, redeemable, non-convertible debentures aggregating to INR 3,300 crore (“NCDs”)
The proceeds of the NCDs are proposed to be utilised, inter alia, for funding the acquisition of shares of Akzo Nobel India Limited by the Issuer. The NCDs are rated AA- with a stable outlook by ICRA Limited and are subscribed by MUFG Bank, Ltd., GIFT Branch; Mizuho Bank Ltd., Singapore Branch; JP Morgan Chase Bank, N.A.; Barclays Merchant Bank (Singapore) Limited; Sumitomo Mitsui Banking Corporation; and DBS Bank Limited.
The Khaitan & Co deal structuring, documentation, and overall coordination on the transaction were led by Manisha Shroff (Partner) and Arijit Sarkar (Partner), with support from Anushka Sinha (Senior Associate), Akshansh Sharma (Senior Associate), Khushboo Damakia (Associate), and Priyam Indurkhya (Associate).
The Khaitan & Co additional team members involved in the transaction included Acquisition and General Corporate Advisory: Shishir Vayttaden (Partner), Surbhi Ajitsaria (Principal Associate), Harishankar Raghunath (Associate); MTO Advisory: Abhishek Dadoo (Partner), Jayantika Khanna (Principal Associate); Corporate Governance and SEBI Disclosure Advisory: Sharad Abhyankar (Partner), Saranya Mishra (Senior Associate), Preksha Diwakar (Associate); Funds Advisory: Divaspati Singh (Partner); Merger Structuring Advisory: Mehul Shah (Partner); Data Privacy Advisory: Ishan Johri (Partner); Competition Advisory: Anisha Chand (Partner), Alisha Mehra (Principal Associate); CCD / OCD Leg: Siddarth Goel (Senior Associate); Closing Assistance: Rajshekhar Upadhyaya (Principal Associate).
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