Khaitan & Co advised Indiabulls Housing Finance in its recent USD165 million convertible bond issue, while J Sagar Associates (JSA) and Linklaters advised the four managers to the issue on Indian law and English law, respectively. Hogan Lovells Lee & Lee were legal advisers to the trustee, principal paying agent, transfer agent, conversion agent and registrar.
The bonds were allotted on 28 September and are listed in Singapore.
Khaitan & Co’s team comprised partners Thomas George and Smita Jha, principal associate Nagashayana Srinivasaiah, senior associate Prathiksha Panduranga and associate Poorvi Jain.
JSA’s team comprised partner Madhurima Mukherjee, senior associate Harish Choudhary and junior associate Vivek Krishnaswamy.
Linklaters team was led by its Singapore-based partner, Amit Singh, who is head of the firm’s South and Southeast Asia capital markets practice. The team included counsel Lim Xunming, managing associate Jane Ng and senior associate Shawn Yoon. Singh said the firm had acted on all issues of convertible bonds from India in the past few years.
Indiabulls Housing Finance’s secured convertible bonds are due in 2026 and carry a 4.5% coupon. The proceeds of the issue are to be used in accordance with the external commercial borrowing guidelines.