Desai & Diwanji and Talwar Thakore & Associates advised on Shapoorji Pallonji Group’s INR 213.5 billion (approximately US$2.5 billion) private credit financing.

The Shapoorji Pallonji Group completed one of India’s largest private credit financings through a bespoke dual-currency structure comprising INR 213.5 billion of unrated, unlisted, secured, zero-coupon, redeemable non-convertible debentures (NCDs) issued by Eqyizen Investment Private Limited, together with a US$ 650,000,000 issuance of senior secured notes by Mercury Finance Company, a Mauritius-incorporated entity.

The proceeds of the US dollar notes were primarily utilised to subscribe to the INR NCDs. The financing was undertaken to refinance existing debt of Shapoorji Pallonji Group entities and fund the capital requirements of group companies. The INR NCDs were secured, among other things, by part of the group’s shareholding in Afcons Infrastructure Limited and 50% of the SP Group’s shareholding in Tata Sons Private Limited.

Desai & Diwanji advised the Shapoorji Pallonji Group on the financing.

The team was led by Senior Partner Natasha Treasurywala and Partner Shireen Langrana, with support from Associate Harsh Desai. Senior Partner Apurva Diwanji provided strategic advice on the transaction.

Talwar Thakore & Associates (TT&A) advised Deutsche Bank as the coordinating bank for the INR 213.5 billion financing and as the placement agent in relation to the US$650 million 14.5% senior secured, unrated notes due 2029 issued by Mercury Finance Company.

The Banking & Finance team comprised Partner Sonali Mahapatra, Managing Associate Kartik Jigyasi, and Associates Adesh Sharma, Anushree Verma, Kashish Agarwal, and Tarun Doyal. The Debt Capital Markets team comprised Partners Rahul Gulati and Priyanka Kumar, Managing Associate Saara Ahmed, and Associate Shrijaya Singh.