NEW DELHI, April 12, 2019 /PRNewswire/ --
- First offshore capital markets issuance by a state level entity based in India and the first state Government guaranteed masala bond issuance
- The subscribers to the Notes included pension funds, insurance funds, asset managers, private wealth funds and banks from various jurisdictions
- Notes are dual listed on the international securities market of the London Stock Exchange and Singapore stock exchange
Cyril Amarchand Mangaldas advised Kerala Infrastructure Investment Fund Board (KIIFB) to issue masala bonds to raise INR 2150 crores. The transaction involved issuance of 9.73% fixed rate synthetic senior secured guaranteed notes worth INR 2150 crores due 2024 under the INR 50 million Guaranteed Medium Term Note Programme by KIIFB. KIIFB is the primary government agency for financing large infrastructure projects in Kerala.
The Capital Markets team of Cyril Amarchand Mangaldas was led by Joseph Jimmy, Partner; Aparna Raturi, Associate; and Avani Maha, Associate.
KIIFB is the country's first state government agency to access the offshore debt market. This is considered a landmark transaction in international debt capital markets, as it is the largest dual currency issue by a sovereign backed entity from Asia and other emerging markets. The subscribers to the Notes included pension funds, insurance funds, asset managers, private wealth funds and banks from various jurisdictions.
Other advisors to the transaction were Axis Bank and Standard Chartered Bank (Joint lead managers).
The Date of Signing was March 26, 2019; and the Date of Closing was March 29, 2019. The Note offering circular was filed with the London Stock Exchange and Singapore Stock Exchange on March 29, 2019.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 100 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 650 lawyers including over 100 partners, and offices in India's key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.
The firm, Cyril Amarchand Mangaldas, was awarded the flagship country award as being the "Most Innovative National Law Firm of the Year - India for 2018" at the IFLR Asia Awards, 2018, having also been successful in winning the prestigious & coveted "National Law Firm of the Year, 2018 for India" at the Chambers Asia-Pacific Awards, 2018. The firm was also voted as the "Employer of Choice for 2018" from India, by the Asian Legal Business, now 4 years in a row, building upon the several awards that the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. had won in the past.
Cyril Amarchand Mangaldas
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