CAM advises Cerberus and IFC on ₹1,600 crore NCD subscription

Cyril Amarchand Mangaldas, through separate deal teams on a Chinese wall basis, acted as counsel for Cerberus Capital Management and International Finance Corporation in relation to their subscription to 16,000 unlisted, senior, secured, unrated, redeemable, non-convertible debentures issued by KRPV Fire Fite Private Limited, for an amount aggregating to ₹1,600 crore.

The Debentures have been issued in 2 (two) series, with Cerberus (along with co-investors) subscribing to 13,000 Series 1 Debentures aggregating to ₹1,300 crore and IFC subscribing to 3,000 Series 2 Debentures aggregating to ₹300 crore.

The CAM Financing Team advising Cerberus comprised Subhalakshmi Naskar, Partner (Co-Head - Projects (Infrastructure)); Hariharan Kumar, Partner; with assistance from Diptiman Mohapatra, Principal Associate;  Rohil Deshpande, Senior Associate; Rishav Kashyap, Associate; and Aniket Nighojkar, Associate.

The CAM Insolvency Team advising Cerberus comprised Dhananjay Kumar, Partner (Head- Insolvency & Restructuring); Surbhi Pareek, Partner; with support from Neha Shivhare, Principal Associate; Aditya Pandey, Associate;  Vinesh Chaudhary, Associate; Tara Ranade, Associate; Mansi Verma, Associate.

The CAM Financing Team advising IFC included Pranav Sharma, Partner; Uday Khare, Partner; with assistance from Angira Chakraborty, Principal Associate; Divisha Jindal, Senior Associate; Aditya Saraswat, Senior Associate; Sanjna Mehrotra, Associate.

The CAM Insolvency Team advising IFC comprised Uday Khare, Partner; with support from Divisha Jindal, Senior Associate; Sanjna Mehrotra, Associate.

The CAM Corporate Team advising IFC comprised Ravindra Bandhakavi, Senior Partner; Srabanee Ghosh, Partner; Radhika Shukla, Senior Associate; Ketan Jain, Associate; Rhea Prasad, Associate.

The CAM Competition Team advising IFC comprised of Dhruv Rajain, Partner;  with assistance from Ananya Mahant, Senior Associate.

The proceeds of the Debentures were utilized for inter alia implementation of the resolution plan submitted by Independent Sugar Corporation Limited, a Bermuda incorporated entity in respect of Hindusthan National Glass & Industries Limited and working capital and capital expenditure requirements of HNG.

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