Cyril Amarchand Mangaldas acts as Indian legal counsel in first green masala bond

Cyril Amarchand Mangaldas acted as Indian legal counsel in relation to NTPC Limited's issuance of Rs 20 billion 7.375 per cent making it the first green masala bond issuance by an Indian corporate.

"Green masala bonds" are due by 2021 and payable in U.S. Dollars under its $4 billion medium term note programme. Furthermore, it was one of the first 'masala bond' transactions after the new ECB framework has been put into place and was listed on the Singapore and London stock exchanges.

It was an issuance of "green" bonds and hence had to comply with the Climate Bonds Standard version 2.0 and also the Green Bond Principles, 2016, issued by the International Capital Markets Association. This is also the world's first green 'masala bond' to be listed in the Singapore stock exchange.

The Cyril Amarchand Mangaldas team that advised NTPC Limited was led by Mumbai based finance & debt capital markets partner Niloufer Lam along with New Delhi based tax partner S R Patnaik who advised tax related matters on this deal.

Allen & Overy, Hong Kong was legal advisers to the dealer and trustee for English law led by partner Amit Singh, with the subscription agreement being signed on August 3, 2016 and the deal closed on August 10, 2016.