Kotak Investment Advisors Limited | Subscription of debentures
Khaitan & Co advised Kotak Investment Advisors Limited for the subscription of debentures issued by Padmanidhi Properties Private Limited (a group company of VGN Homes Private Limited) aggregating to INR 170 crores for utilization towards acquisition of land parcels for development of real estate projects by the issuer and its group companies.
The core team consisted of Smita Jha (Partner), Nikita Nagori (Senior Associate), Parth Tyagi (Associate), Subham Agarwal (Associate) and Vijay Sekar (Associate).
We assisted the client in: (i) conducting legal due diligence on the Issuer and its group companies in relation to the Transaction; (ii) drafting the Transaction documentation; and (iii) execution assistance and closing.
The Transaction involved complex structuring and analysis given that the certain securities forming a part of the Transaction were cross collateralized with the earlier financings availed by its group companies. Further, the fund flow and escrow arrangement for the Transaction had to structured to capture the flow of funds from earlier projects that the group companies availed and vice versa.