Saraf & Partners advised Nayara Energy in its recent INR22.85 billion (USD307 million) non-convertible debentures issue, while Trilegal advised the investors.
The issue was announced on 13 August and listed on the BSE’s debt market on 18 August.
Saraf & Partners’ team comprised partner Rohit Raghavan, and associates Devashree Limaye and Nirmal Bhansali. Partner Vivek Pareek and associate Shruti Khetan assisted in the initial stages of the deal.
The secured non-convertible debentures were offered with a three-year bullet maturity and carry a coupon rate of 8.75%.
Nayara Energy, which owns and operates India’s second-largest single-site refinery at Vadinar in Gujarat, said proceeds of the issue would be used for refinancing of existing debt, routine expenditure and general corporate purposes.