Cyril Amarchand Mangaldas advised Trust Investment on UP Power Corp
Cyril Amarchand Mangaldas advised Trust Investment on UP Power Corp
The deal was worth Rs.3951 crores
Cyril Amarchand Mangaldas has acted as the legal counsel to Trust Investment Advisors Private Limited. It represented as an investor and arranger for the issuance of the listed, secured, rated, redeemable, taxable, non-convertible bonds by the Uttar Pradesh Power Corporation Limited (UPPCL).
UPPCL is a wholly-owned company by the Government of Uttar Pradesh. It has a greenshoe option for an aggregate issue of Rs.3,951.20 crores. (A greenshoe option is a provision in an IPO underwriting agreement that grants the underwriter the right to sell more shares than originally planned).
As a part of the transaction, the bonds are secured by way of a charge over the receivables and cash flows of UPPCL. These are assured by an unconditional and irrevocable guarantee provided by the Government of Uttar Pradesh.
The banking and finance practice team of Cyril Amarchand Mangaldas advised on the transaction. It was led by Leena Chacko (Partner), with support from Srinjoy Bhattacherjee (Principal Associate), Krittika Chavaly (Associate), Shivendra Shukla (Associate), and Shivangini Singh (Associate).
Others advising on the transaction included Trust Investment Advisors, Tipsons Consultancy Services Private Limited and AK Capital Services Limited.
