Cyril Amarchand Mangaldas Advised Kerala Financial Corporation on Rs. 750 crores NCD Issuance
Cyril Amarchand Mangaldas Advised Kerala Financial Corporation on Rs. 750 crores NCD Issuance
Cyril Amarchand Mangaldas acted in relation to the issuance of Non-Convertible Debentures (NCDs) by Kerala Financial Corporation, a body corporate incorporated under the State Financial Corporations Act of 1951 and owned by the Government of Kerala for an aggregate amount of Rs. 750 crores, raised in two separate series of issuance.
As part of the transaction, Kerala Financial Corporation issued senior, secured, rated, listed, redeemable, taxable, non-convertible debentures under the Kerala Financial Corporation Debenture Series I 2023 for an aggregate amount of Rs. 476.50 crores (Series I NCDs), and Kerala Financial Corporation Debenture Series II 2023, for an aggregate amount of Rs. 273.50 crores (Series II NCDs).
The Banking and Structured Finance Practice of Cyril Amarchand Mangaldas advised the investors of the NCDs, acting through the arrangers to the issuances of the NCDs, with respect to the issuances, including in relation to the process for private placement and listing of the NCDs.
The transaction team was led by Leena Chacko, Partner; with support from Srinjoy Bhattacherjee, Principal Associate; Shivendra Shukla, Associate and Hrishikesh Bhise, Associate.
The transaction deal with respect to the Series II NCD issuance was closed on 10th May 2023.
