Khaitan & Co advised Standard Chartered Bank on term loan facilities to INOXGFL Group companies
The leading law firm in India, Khaitan & Co acted as legal counsel to Standard Chartered Bank in connection with term loan facilities (Facilities) of: (a) INR 40 crores extended to Inox Neo Energies Limited; (b) INR 185 crores to Skypower Solar India Private Limited (Skypower); and (c) INR 238.22 crores to Skypower Southeast Solar India Private Limited.
The Facilities were utilised by the borrowers towards bridge facility refinancing, acquisition financing (including acquisition of Skypower), and capex repayment for their solar projects in Madhya Pradesh. Following the consummation of the transactions, INOXGFL Group, through Inox Neo Energies Private Limited, completed the 100% acquisition of (A) Skypower Solar India Private Limited and (B) Skypower Southeast Solar India Private Limited, each holding a portfolio comprising 50 MW (AC) / 57.5 MW (DC) of operational solar power assets in Madhya Pradesh.
The Firm advised on transaction structuring, documentation, due diligence, security creation, compliance with conditions precedent and subsequent, and closing. The Firm’s role included:
- Advising on the structure of the transaction;
- Drafting, negotiation, and finalization of transaction documents;
- Due diligence of the acquisition documents;
- Advising and assisting on corporate authorizations, stamp duty, security creation formalities, and compliance with conditions precedent / subsequent;
- Closing assistance and related advisory services.
The Khaitan & Co core team comprised Rolwine Alva (Partner), Savni Tewari (Counsel), Manas Pandey (Principal Associate), Prashasti Priya (Senior Associate), Govinda Asawa (Associate), Kartikey G (Associate), Ojasav Chitranshi (Associate), Simran Upadhyaya (Associate), and Priyansh Priyadarshi (Associate).
The due diligence of project documents and approvals was supported by Atman Desai (Partner), Akshat Kothari (Associate), Hetashri Khajanchi (Associate), and Vivan Jhaveri (Associate).
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