Cyril Amarchand Mangaldas advised IndianOil-Adani Gas Private Limited (“IOAGPL”) in relation to the issuance of the compulsorily convertible debentures (“CCDs”) in one or more series, aggregating up to an amount of INR 13,780 million, to certain specific investors on a private placement basis for the purposes of part financing the project expenditure and repaying the existing facilities availed from certain banks and financial institutions in relation to setting up city gas distribution projects at 10 (ten) geographical areas in India. This deal marks the first ever CCD issuance in India’s city gas distribution sector and represents one of India’s largest capital raises via a hybrid instrument in this financial year, strengthening IOAGPL’s capital position and supporting its gas infrastructure expansion.
The transaction was led by Amey Pathak, Partner (Head – Banking); Yash Jain, Partner, with support from Janani Chandrasekaran SA – Designate; and Ghanshyam Patel, Associate.
