Cyril Amarchand Mangaldas advised Navi Finservs to raise INR 495 crore
Cyril Amarchand Mangaldas advised Navi Finserv Limited (Navi Finserv), in relation to its maiden public issue of secured
Cyril Amarchand Mangaldas advised Navi Finservs to raise INR 495 crore
Cyril Amarchand Mangaldas advised Navi Finserv Limited (Navi Finserv), in relation to its maiden public issue of secured, rated, listed & redeemable non-convertible debentures (NCDs) to raise INR 495 crore. CAM also advised A.K. Capital Services Limited and JM Financial Limited, the Book Running Lead Managers (BRLMs) to the issue.
The Capital Markets Practice and the Finance Practice of Cyril Amarchand Mangaldas assisted Navi Finserv in the preparation of deal structuring as well as key documentation keeping in mind the nascency of the sector and regulatory framework on the transaction. The transaction team led by Vijay Parthasarathi, Partner; Lakshmi Prakash, Partner; Rohit Tiwari, Partner; with support from Utsav Dubey, Principal Associate; Akshay Singh Ralhi, Senior Associate; Kushal Rohira, Senior Associate; Satakshi Sharma, Associate; Vedansh Batwara, Associate; and Rishika Sharma, Associate.
As a part of the transaction, Navi Finserv has proposed to issue secured, rated, listed redeemable non-convertible debentures (NCDs) of face value of Rs. 1,000 each for an amount aggregating up to Rs. 300 crores, with an option to retain oversubscription up to Rs. 300 crores, aggregating up to 6,000,000 NCDs for an amount up to Rs. 6,000 crores. 49,57,209 NCDs aggregating up to Rs. 4,957,209,000 were allotted pursuant to a resolution of the debenture committee of the Board of Directors of Navi Finserv, on June 8, 2022.
The transaction was signed on April 18, 2022; and closed on June 8, 2022.