Hogan Lovells Acted on Cholamandalam Finance’s $480 Million Offering
Hogan Lovells Acted on Cholamandalam Finance’s $480 Million Offering
Global law firm Hogan Lovells advised lead managers Kotak Mahindra Capital, HSBC Securities, and IIFL Securities on Cholamandalam Investment and Finance Company Limited’s $480 million qualified institutions placement (QIP) of equity shares and compulsorily convertible debentures (CCDs).
Cholamandalam Investment and Finance Company Limited (Cholamandalam Finance), is a leading Indian non-bank finance company and the financial services arm of the Murugappa Group, a 122-year-old conglomerate. The proceeds from the offering will be used for business growth and to augment the capital adequacy requirements of Cholamandalam Finance.
The simultaneous offering of equity shares and compulsorily convertible debentures (CCDs) by Cholamandalam Finance is a milestone transaction and the largest equity or equity-linked offering in 2023 by any Indian non-bank company to date.
The Hogan Lovells team associated with the landmark deal was led by Singapore Office Managing Partner and India Co-Chair, Biswajit Chatterjee, with support from counsel Kaustubh George and associates Aditya Rajput, Suchisubhra Sarkar and Utkarsh Mishra. Henry Kahn (partner, Baltimore) advised on investment company-related regulatory aspects while Nancy O’Neil (partner, Baltimore) and David Steenburg (senior associate, Washington D.C.) advised on US tax matters.
"We are honoured to have had this opportunity to advise on this significant transaction in the Indian market. This transaction reflects our market-leading capabilities in India, working as a trusted advisor to longstanding clients on complex transactions,” Biswajit Chatterjee said while commenting on the transaction.
