Cyril Amarchand Mangaldas (“CAM”) has acted as the transaction counsel and has advised (a) JM Financial Products Limited (“JM/ Arranger”) acting as the transaction advisor and exclusive debt arranger for the transaction; and (b) Vodafone Idea Telecom Infrastructure Limited (“Company”) in respect of their issuance and allotment of unlisted, unrated, secured and redeemable non-convertible debentures of an aggregate amount of INR 3,300 crore (“NCDs”), for the purpose of meeting its payment obligations to Vodafone Idea Limited (“ListCo”), enabling the telco to bolster its capital expenditure and support business growth. CAM provided comprehensive legal advisory services throughout the structuring, negotiation, and execution phases of the transaction. This is the largest disclosed private credit deal in the telecom sector in India.
The transaction was led by Subhojit Sadhu, Partner (Finance & Infrastructure) Director (CAM – Middle East); with support from Apoorv Jain, Principal Associate; Mansi Jain, Associate; Srijeeta Chakraborty, Associate; and Dyuti Anand, Associate.
Yash Ashar, Senior Partner; and Amey Pathak, Partner (Head — Banking); provided their strategic inputs.
SR Patnaik, Partner (Head, Taxation) and Kunal Savani, Partner; ; with support from Bipluv Jhingan, Principal Associate; Shivam Garg, Principal Associate; and Vaibhav Zaveri, Consultant; advised on tax related aspects of the transaction.
Srinivas Chatti, Partner; with support from Aishwarya Wagle, Principal Associate; advised on disputes aspects of the transaction.
Madhav Kanoria, Partner; and Surbhi Pareek Partner; with support from Neha Shivhare, Principal Associate; and Tara Ranade, Associate; advised on insolvency aspects of the transaction.