Cyril Amarchand Mangaldas advises the Titan on INR 2500 crore NCD issuance

Business Wire IndiaCyril Amarchand Mangaldas acted as legal counsel to the Titan Company Limited (Titan), in relation to issuance of listed, unsecured, rated, redeemable, non-cumulative, non-convertible debentures (NCDs), aggregating to INR 2500 crore.

The Banking, Corporate & Structured Finance team of Cyril Amarchand Mangaldas advised on the matter. The transaction team was led by Lakshmi Prakash, Partner; with support from Kushal Rohira, Principal Associate Designate; and Himanshi Mahajan, Associate.

Bharath Reddy, Partner; provided strategic inputs on corporate related aspect of the transaction.

As a part of the transaction, 2,50,000 listed, unsecured, rated, redeemable, non-cumulative, non-convertible debentures were issued, aggregating to INR 2500 crores only, in 2 (two) tranches, each including issuance of 1,25,000 rated, unsecured, listed, redeemable non-convertible debentures of the face value of INR 1 lakh each, aggregating up to INR 1,250 crores.
Other parties and advisors to the transaction included Kotak Mahindra Bank Limited and Axis Bank Limited (acted as arranger for Titan); Axis Trustee Services Limited (acted as debenture trustee for Titan); BSR & Co LLP (acted as auditor for Titan); and TSR Consultants Private Limited (acted as registrar for Titan).
The issue concluded in the first week of November 2023.