Kotak Investment Advisors Limited has made subscription of debentures issued by Padmanidhi Properties (a group company of VGN Homes Private Limited) aggregating to ₹170 crores.
Khaitan & Co advised Kotak Investment Advisors in this Transaction. The Firm assisted the client in: (i) conducting legal due diligence on the Issuer and its group companies in relation to the Transaction; (ii) drafting the Transaction documentation; and (iii) execution assistance and closing.
The transaction team consisted of Smita Jha (Partner), Nikita Nagori (Senior Associate), Parth Tyagi (Associate), Subham Agarwal (Associate) and Vijay Sekar (Associate).
The Transaction involved complex structuring and analysis given that the certain securities forming a part of the Transaction were cross collateralized with the earlier financings availed by its group companies. Further, the fund flow and escrow arrangement for the Transaction had to structured to capture the flow of funds from earlier projects that the group companies availed and vice versa.
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