Khaitan & Co along with Cyril Amarchand Mangaldas (CAM) advised on International Finance Corporation’s (IFC) ₹239 crore investment for development of housing projects by TVS Emerald.

Khaitan & Co advised TVS Emerald Limited on ₹239 crore investment from the International Finance Corporation (IFC), structured through listed, unsecured, rated, redeemable, principal-protected non-convertible debentures issued by its subsidiaries Emerald Haven Properties, Emerald Haven Life Spaces 2 and Emerald Haven Life Spaces 3. The proceeds will be used to develop residential housing projects in Bengaluru and Chennai.

The core team comprised Manisha Shroff, Varun Narayan, Rajshekhar Upadhyaya, Aparna Arya, Atul Narayan, Akhila Deekshitha Baddepudi, Charul Lunia, Rexey Sabu and Shivansh Jain, with assistance from Arva Merchant and Sudheer Madamaiah (Title Due Diligence).

CAM advised the International Finance Corporation on its investment in the housing projects to be developed by TVS Emerald Limited through its subsidiaries.

The transaction team was led by Senior Partner Ravindra Bandhakavi and Partners Srabanee Ghosh and Poornima Singh, with support from Senior Associates Sudarshan Srikanth and Shreya Shenolikar, and Associates Raghuvansh Seth, Anhad Mehta and Srilagna Dash.

Partners Pranav Sharma and Sugandha Asthana, with support from Aditi Bagri (Director – Banking & Finance) and Associates Drasti Jain, Haryashwa Thakore, Hetav Dave and Princy Dsouza worked on the drafting, negotiation and finalisation of the debenture trust deed (and all related documents), provided advice on the debt regulatory aspects of the transaction, and with closing. Partner Harsha Sudhindra, with support from Principal Associate Kripa Sankari and Associates Solomon Sone and Sruthi Ramesh undertook a diligence on the land parcels for the Bangalore and Chennai project.