JSA advises 6 SPVs of Gemstar on securing finances for smart metering projects

JSA Advocates & Solicitors has advised six SPVs of Gemstar Infra Pte. Ltd. for availing finances through the issuance of debentures to International Finance Corporation and credit facilities from India Infrastructure Finance Company Limited, for smart metering projects in India.

The Firm advised the following SPVs:

• Genus Bikana Smart Metering SPV Private Limited

• Genus Banas Smart Metering SPV Private Limited

• Genus Shekhawati Smart Metering Solutions SPV Private Limited

• Genus Mewar Smart Metering SPV Private Limited

• Genus Braj Smart Metering SPV Private Limited

• Genus Marudhara Smart Metering SPV Private Limited

The transaction was noteworthy for its hybrid financing structure involving the simultaneous raising of funds through non-convertible debentures subscribed by International Finance Corporation and rupee loan facilities extended by India Infrastructure Finance Company.

The mandate involved the integration of two distinct financing products within a single transaction framework.

The transaction was led by Karan Mitroo (Partner), with support from Ankita Parasar (Partner), Shantanu Awasthi (Senior Associate) and Harshil Kakkar (Associate).

There have been multiple deals as of late in the smart metering sector, with Kimbal raising $22 million and Adani Group acquiring IntelliSmart for ₹3,050 crore.

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