Cyril Amarchand Mangaldas (CAM) has assisted Cholamandalam Investment and Finance Company in its USD480 million qualified institutional placement (QIP).
This marks the first Indian company to raise funds via a QIP of both equity shares and compulsorily convertible debentures (CCDs).
CAM partner Vijay Parthasarathi said: “This was a truly challenging transaction and one of a kind since this was the first time an Indian company successfully completed a QIP issuing both equity shares and CCDs in one offering.”
Partners Yash Ashar and Parthasarathi led the transaction team with the support of principal associate Tanvi Kini, and associates Veena Raghav, Vedansh Batwara and Arunimaa Jaiswal.
Cholamandalam’s QIP involved the issue of USD240 million worth of equity shares and USD240 million in CCDs, resulting in a cumulative value of USD480 million.
AZB & Partners advised the book running lead managers comprising Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India), as well as IIFL Securities.
Partners Varoon Chandra and Agnik Bhattacharyya, counsel Rahul Aggarwal led the AZB team with the assistance of senior associate Kairav Parikh.