- Home
- News
- Articles+
- Aerospace
- Agriculture
- Alternate Dispute Resolution
- Banking and Finance
- Bankruptcy
- Book Review
- Bribery & Corruption
- Commercial Litigation
- Competition Law
- Conference Reports
- Consumer Products
- Contract
- Corporate Governance
- Corporate Law
- Covid-19
- Cryptocurrency
- Cybersecurity
- Data Protection
- Defence
- Digital Economy
- E-commerce
- Employment Law
- Energy and Natural Resources
- Entertainment and Sports Law
- Environmental Law
- FDI
- Food and Beverage
- Health Care
- IBC Diaries
- Insurance Law
- Intellectual Property
- International Law
- Know the Law
- Labour Laws
- Litigation
- Litigation Funding
- Manufacturing
- Mergers & Acquisitions
- NFTs
- Privacy
- Private Equity
- Project Finance
- Real Estate
- Risk and Compliance
- Technology Media and Telecom
- Tributes
- Zoom In
- Take On Board
- In Focus
- Law & Policy and Regulation
- IP & Tech Era
- Viewpoint
- Arbitration & Mediation
- Tax
- Student Corner
- ESG
- Gaming
- Inclusion & Diversity
- Law Firms
- In-House
- Rankings
- E-Magazine
- Legal Era TV
- Events
- News
- Articles
- Aerospace
- Agriculture
- Alternate Dispute Resolution
- Banking and Finance
- Bankruptcy
- Book Review
- Bribery & Corruption
- Commercial Litigation
- Competition Law
- Conference Reports
- Consumer Products
- Contract
- Corporate Governance
- Corporate Law
- Covid-19
- Cryptocurrency
- Cybersecurity
- Data Protection
- Defence
- Digital Economy
- E-commerce
- Employment Law
- Energy and Natural Resources
- Entertainment and Sports Law
- Environmental Law
- FDI
- Food and Beverage
- Health Care
- IBC Diaries
- Insurance Law
- Intellectual Property
- International Law
- Know the Law
- Labour Laws
- Litigation
- Litigation Funding
- Manufacturing
- Mergers & Acquisitions
- NFTs
- Privacy
- Private Equity
- Project Finance
- Real Estate
- Risk and Compliance
- Technology Media and Telecom
- Tributes
- Zoom In
- Take On Board
- In Focus
- Law & Policy and Regulation
- IP & Tech Era
- Viewpoint
- Arbitration & Mediation
- Tax
- Student Corner
- ESG
- Gaming
- Inclusion & Diversity
- Law Firms
- In-House
- Rankings
- E-Magazine
- Legal Era TV
- Events
Issuance of India's First State Government Revenue Supported Bonds by UP Power Corporation
Cyril Amarchand Mangaldas acted as legal counsel to Trust Investment Advisors Private Limited (Arranger) on the first state government revenue supported bonds aggregating up to INR 6,510 crores (Bonds) issued by Uttar Pradesh Power Corporation Limited, a subsidiary company of the Government of Uttar Pradesh (GoUP).The entire state government revenue is available for servicing of the Bonds....
ToRead the Full Story, Subscribe to
Access the exclusive LEGAL ERAStories,Editorial and Expert Opinion
Cyril Amarchand Mangaldas acted as legal counsel to Trust Investment Advisors Private Limited (Arranger) on the first state government revenue supported bonds aggregating up to INR 6,510 crores (Bonds) issued by Uttar Pradesh Power Corporation Limited, a subsidiary company of the Government of Uttar Pradesh (GoUP).
The entire state government revenue is available for servicing of the Bonds. The payment servicing for the Bonds is supported by a Reserve Bank of India (RBI) backed structured debt servicing mechanism. Under this mechanism, in the event the Bond servicing account falls short of the requisite amount, and if the GoUP is unable to fund it by a specified date, the RBI will debit the requisite amount from the GoUP’s account with the RBI and credit it to the Bond servicing account to ensure timely servicing of the Bonds.
On the basis of this structure, the Bonds have been granted a provisional AA rating by India Ratings and Research Private Limited. The Bonds are also backed by a sovereign guarantee provided by the GoUP.
The Cyril Amarchand Mangaldas team that advised Trust Investment Advisors Private Limited was led by Mumbai based banking partner Leena Chacko.
The signing of the documents happened on February 16, 2017 and closing was on February 17, 2017.