JSW Paints Limited has made their maiden issuance of listed, rated, unsecured, redeemable, non-convertible debentures aggregating to ₹3,300 crore.
The NCDs are rated AA- with a stable outlook by ICRA Limited and are subscribed by inter alia MUFG Bank, Ltd., GIFT Branch, Mizuho Bank Ltd., Singapore Branch, JP Morgan Chase Bank, N.A., Barclays Merchant Bank (Singapore) Limited, Sumitomo Mitsui Banking Corporation and DBS Bank Limited.
Khaitan & Co advised JSW Paints on this NCD issuance.
The deal structuring, documentation and overall co-ordination on the transaction were spearheaded by Manisha Shroff (Partner) and Arijit Sarkar (Partner), supported by Anushka Sinha (Senior Associate), Akshansh Sharma (Senior Associate), Khushboo Damakia (Associate), and Priyam Indurkhya (Associate).
The following team members from the Firm were also additionally involved in the transaction:
Acquisition and general corporate advisory: Shishir Vayttaden (Partner), Surbhi Ajitsaria (Principal Associate) and Harishankar Raghunath (Associate);
MTO advisory: Abhishek Dadoo (Partner) and Jayantika Khanna (Principal Associate);
Corporate governance and SEBI disclosure advisory: Sharad Abhyankar (Partner), Saranya Mishra (Senior Associate) and Preksha Diwakar (Associate);
Funds advisory: Divaspati Singh (Partner);
Merger structuring advisory: Mehul Shah (Partner);
Data Privacy advisory: Ishan Johri (Partner)
Competition advisory: Anisha Chand (Partner) and Alisha Mehra (Principal Associate);
CCD / OCD leg: Siddarth Goel (Senior Associate);
Closing assistance: Rajshekhar Upadhyaya (Principal Associate).
TT&A advised MUFG Bank, Mizuho Bank, JP Morgan Chase Bank, Barclays, SMBC and DBS Bank on this NCD issuance.
The transaction team consisted of Rahul Gulati (Partner), Rituparno Bhattacharya (Partner), Nakul Sonejee (Managing Associate), Nikita Agarwal (Managing Associate), Pallav Rathi (Senior Associate) and Associates Adesh Sharma, Rajeev Dadhich and Kashish Agarwal.
The proceeds of the NCDs are proposed to be utilised towards, inter alia, funding the acquisition of shares of Akzo Nobel India Limited by JSW Paints. The acquisition of Akzo Nobel India will make JSW Paints a significant player in the Indian paints market.
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