Cyril Amarchand Mangaldas (CAM) advised Trust Investment Advisors, acting as an investor and arranger, in Uttar Pradesh Power Corporation Limited’s (UPPCL) issue of non-convertible bonds, with a green-shoe option of INR34.88 billion (USD421 million).
The Uttar Pradesh government wholly owns UPPCL. CAM’s banking and finance practice advised on the transaction, with partner Leena Chacko leading the team, who had support from principal associate Srinjoy Bhattacherjee and associate Shivendra Shukla.
As a part of the deal, the bonds are secured through a charge over the receivables and cash flow of UPPCL. The Uttar Pradesh government has provided an unconditional and irrevocable guarantee on the bonds.
Trust Investment Advisors provides investment management services to customers in India, including asset management, financial planning, capital markets, investment banking and advice.
Other parties and advisers to the deal include Tipsons Consultancy Services and AK Capital Services. The deal was signed and finalised on on 7 October 2022.