NBFC

Representative Matters

• Advised Bank of Nova Scotia, a Canadian bank, in the setting up of joint venture non-banking financial company in India.
• Advised a consortium of non-banking finance companies consisting of KKR India Financial Services Private Limited, L & T Finance Limited, Religare Finvest Limited and Aditya Birla Finance Limited in relation to the acquisition financing being provided to Air Works India for the acquisition by its UK subsidiary of an entity in Dubai. This transaction involved a complex security structure consisting of assets and collateral providers situated in India, UK, UAE and Mauritius.
• Advised a consortium of non-banking finance companies consisting of KKR India Financial Services Private Limited, Tata Capital Financial Services Limited and Aditya Birla Finance Limited in relation to the financing being provided by them for the setting up of two solar power projects in Rajasthan, India. This transaction involved a highly structured repayment mechanism and involved security and collateral from multiple parties.
• Advised Federal Bank Limited in relation to True North, an India-based private equity and venture capital firm, acquiring a 26% stake in Fedbank Financial Services Limited, an India-based non-banking financial company engaged in providing loans to individual and corporate borrowers, from Federal Bank Limited, a listed India-based bank, for an estimated consideration of USD 59.60 million.
• Advised India Infradebt Limited on the financial assistance provided to Vivid Solaire Energy Private Limited, an SPV of the Engie Group, by way of a rupee term loan facility aggregating up to INR 9.15 Billion in connection with a wind power project of 220 MW located in Tuticorin district, Tamil Nadu, having power purchase agreement with Solar Energy Corporation of India Limited for the purpose of, inter alia, refinance of the existing debt of the Borrower.
• Advised India Infradebt Limited, an Infrastructure Debt Fund and Non-Banking Financial Company (IDF – NBFC), in relation to issuance of secured, listed, non-convertible infrastructure debt bonds of INR 300 crore to various investors on private placement.
• Advised Indian Renewable Energy Development Agency Limited (IREDA) as borrower in relation to a JPY 28,000,000,000 syndicated sustainable term loan facility (Facility). The Facility was provided by Sumitomo Mitsui Banking Corporation, GIFT City Branch, as Original Lender, with Sumitomo Mitsui Banking Corporation, Singapore Branch acting as Mandated Lead Arranger and Bookrunner, Sustainability Coordinator and Agent.
• Advised L&T Finance Holdings Limited in connection with it a transaction involving the sale of 100% of its shareholding of its wholly owned subsidiary L&T Capital Markets Limited to IIFL Wealth Finance Limited, an NBFC registered with the Reserve Bank of India.
• Conducted secretarial and legal due diligence of CredAvenue for Lightspeed and Sequoia, in relation to an investment.
• Advised Midland Microfin Limited in connection with the investments received from ICICI Bank Limited (ICICI) and Kitara Capital PIIN 1501 (Kitara).  The investment was undertaken in the form of primary investment by ICICI and Kitara in the equity shares of Midland for a total consideration of around USD 10 million.
• Advised Power Finance Corporation Limited in connection with its acquisition of 52.63% stake in REC Limited (REC) – the entire shareholding of the President of India, along with transfer of management control in a USD 2.11 billion transaction.
• Advised Power Finance Corporation Limited in relation to the financial assistance in the form of rupee term loan aggregating up to an amount of INR 1988 crore to ACME Renewtech Private Limited for the purpose of setting up Solar Wind Hybrid Renewable Energy Project, comprising of 300 MW/ 435 MWp Solar Capacity and 104 MW Wind Capacity in Bikaner District Rajasthan and Kutch District Gujarat respectively.
• Advised 09 special purpose vehicles (SPVs) of the Radiance Group in connection with a term loan facility aggregating up to INR 264.04 crore, availed from NIIF Infrastructure Finance Limited. The facility was extended for the purpose of refinancing existing debt incurred for renewable energy projects being developed by the respective SPVs.
• Advised Samsung India Electronics Private Limited on this innovative collaboration with Indian non-banking finance companies, pursuant to which loans would be extended to persons purchasing Samsung devices in India. The collaboration was technologically complex and necessitated evaluation of the regulatory frameworks governing data protection, KYC, Aadhaar, credit scoring, behavioural assessment of customers, digital signatures, mobile safety standards and electronic contracts.
• Advised Sequoia Capital (SCI Growth Investments III) in its round of investment in Finova Capital Private Limited, a non-banking financial company, which operates in the business of lending, small business loans and mortgage loans to micro, small and medium size enterprises.
• Acted for and advised Tata Capital Limited (Assignee / TCL) in pursuant to factoring of the lease receivables owed by the Delhi International Airport Limited (DIAL) to Pushpak Airport Leasing Solutions Private Limited for equipment supplied/leased under the financing, right to use and sale of equipment agreement on a non-recourse basis, against the purchase consideration of INR 204.50 crore.
• Acted for and advised Tata Capital Limited (Assignee / TCL) in pursuant to factoring of the lease receivables owed by the GMR Visakhapatnam Airport Limited (GVIAL) to Pushpak Airport Leasing Solutions Private Limited (Assignor/ Pushpak) for equipment supplied/leased under the lease agreement executed between the Debtor and Assignor on a non-recourse basis, against the purchase consideration of INR 67 crore.
• Acted for and advised the Ujjivan Group’s listed companies -Ujjivan Financial Services Limited, an RBI registered Listed NBFC, on the Reverse Merger into and with its subsidiary company viz; Ujjivan Small Finance Bank Limited, a listed Bank. The said reverse merger received the final sanction of the Hon’ble National Company Law Tribunal, Bangalore. This deal value is approx. INR 70 billion.
• Advised Upwards Fintech Private Limited on its acquisition by Lendingkart for INR 100 crore.