Khaitan & Co Advised Jio Credit Limited On Its Maiden Issuance Of Secured, Rated, Listed, Redeemable NCDs

Khaitan & Co advised Jio Credit Limited on its maiden issuance of secured, rated, listed, redeemable NCDs

Khaitan & Co advised as the legal counsel to Jio Credit Limited (formerly known as Jio Finance Limited), a subsidiary of Jio Financial Services Limited, in connection with its maiden issuance of secured, rated, listed, redeemable, non-convertible debentures (NCDs) aggregating up to INR 1,000 crore on a private placement basis, at a cutoff yield of 7.19%.

The base issue size was INR 500 crore, with the remaining raised through the greenshoe option. The company received bids worth INR 1,500 crore, which was three times the base issue amount.

The debentures are secured through a first ranking pari passu charge on a pool of book debts/receivables of Jio Credit Limited. The proceeds will be used to augment the issuer’s long-term resources and for general corporate purposes.

The issue drew significant interest, especially from mutual funds due to its shorter maturity period of 2 years and 10 months. Some insurance companies also participated in the bidding process. ICICI Securities Primary Dealership Limited advised as the arranger to the issuer.

The Khaitan & Co team was led by Manisha Shroff (Partner), with support from Rajshekhar Upadhyaya (Principal Associate), Siddhant Shetty (Senior Associate), Akshansh Sharma (Senior Associate), and Rishabh Kumar (Associate).

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