Khaitan & Co Advised On Acquisition Financing For Shriram Pistons & Rings Limited

Khaitan & Co advised on acquisition financing for Shriram Pistons & Rings Limited

The leading law firm in India, Khaitan & Co acted as transaction counsel in relation to the maiden issue of listed, secured, rated, redeemable, non-cumulative, non-convertible debentures (“Debentures”) aggregating to INR 1,000 crores in two series, on a private placement basis (“Issue”) by Shriram Pistons & Rings Limited (“Issuer”). The proceeds of the Issue have been utilised, inter alia, for refinancing the listed commercial papers issued by the Issuer for the acquisition of 100% shareholding of

• (i) Antolin Lighting India Private Limited,
• (ii) Grupo Antolin India Private Limited, and
• (iii) Grupo Antolin Chakan Private Limited.

Axis Bank Limited acted as the arranger to the Issue. ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, Mirae Asset Mutual Fund, and DSP Mutual Fund subscribed to Debentures aggregating to 30% of the total size of the Issue as anchor investors.

The Khaitan & Co team was led by Manisha Shroff (Partner), with support from Arjita Agarwal (Senior Associate), Akshansh Sharma (Senior Associate), Rishabh Kumar (Associate), Charul Lunia (Associate), and Shivansh Kumar Jain (Associate).

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