Khaitan & Co advises investors on Manipal Hospitals 5,310 crore NCD issuance

DBS Bank Limited, Deutsche Bank AG, Deccan Funding Limited Liability Company, Sumitomo Mitsui Banking Corporation, MUFG Bank Limited and BNP Paribas SA have subscribed to the listed, rated, redeemable, non-convertible debentures aggregating to an amount of ₹5,310 crore, issued by Manipal Hospitals Private Limited, a subsidiary of Manipal Health Enterprises Private Limited.

Khaitan & Co advised DBS Bank, Deutsche Bank, Deccan Funding, SMBC, MUFG Bank and BNP Paribas on investing into the NCDs. The Firm advised and facilitated the simultaneous negotiation of all Investors with MHPL, finalization of the transaction documents, execution and listing of the debentures on BSE.

The core deal was led by Dr Siddharth Srivastava (Partner) with assistance from Rashneet Kaur (Principal Associate), Anwesha Dasgupta (Senior Associate) and Shikha Mohini (Associate).  

Competition law aspects were advised by Pranjal Prateek (Partner) and tax related assistance was rendered by Vinita Krishnan (Executive Director).

The proceeds from the Investors shall be utilized by Manipal Hospitals towards acquisition of the shares of Sahyadri Hospitals Private Limited. The said acquisition comes at the back of a much-awaited clearance from the Competition Commission of India. Manipal Hospitals’ latest acquisition will add a network of 11 hospitals across Pune, Nashik, Ahilya Nagar, and Karad in the group’s portfolio strengthening its position as one of India’s largest hospital networks.

This marks one of the largest acquisition financings in this sector in India.

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