Tata Communications Limited | Issuance of non-convertible debentures
Khaitan & Co (“Firm”) acted in relation to issuance of up to 17,500 rated, unsecured, listed, redeemable non-convertible debentures up to an aggregate amount of INR 1750 crore by Tata Communications Limited (“Issuer”) on a private placement basis (“Issue”). The proceeds of the Issue would be utilized for (i) refinancing of the existing debt of the Issuer or in any of its offshore wholly owned subsidiaries; and (ii) general corporate purposes.
As a part of the Issue, the Firm also advised SBI Capital Markets Limited and The Hong Kong and Shanghai Banking Corporation Limited (acting as the arrangers to the Issue) on end-use restrictions of the proceeds of the Issue to be subscribed by (a) banks; (b) pension funds; and (c) insurance companies.
This is one of the first issuances of privately placed non-convertible debentures in the market under the recently amended SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 which has overhauled the disclosure requirements for listed private placements.
The core team which advised the Issuer and the arrangers on the transaction consisted of Manisha Shroff (Partner), Soumya Mohapatra (Partner), Arijit Sarkar (Principal Associate), Akhil Tiwari (Senior Associate), Mayank Chaturvedi (Associate), Rishabh Kumar (Associate) and Aniketa Jain (Associate) with assistance of Saswat Subasit (Partner) on the aspect of end-use restrictions of the proceeds of the Issue to be subscribed by the insurance companies.