Cyril Amarchand Mangaldas along with Luthra and Luthra Law offices advised investors on Bangalore International Airport’s ₹9,000 crore unlisted NCD issuance.

Cyril Amarchand Mangaldas acted as the Investors’ counsel in relation to the unlisted non-convertible debentures issued/ to be issued by Bangalore International Airport Ltd (BIAL) by way of private placement in one or more tranches, for an aggregate amount not exceeding INR 9,000 crores. The proceeds from the issuance will be used, inter alia, for refinancing BIAL’s existing facilities and funding future infrastructure expansion projects at Kempegowda International Airport, Bengaluru. The said issuance is the largest unlisted private placement of non-convertible debentures in India’s airport sector.

The transaction was led by Partners Amey Pathak and Yash Jain with support from Sohrab Kharadi, Janani Chandrasekaran, and Gauransh Gaur.

Luthra and Luthra Law Offices India recently acted as legal counsel to India Infrastructure Finance Company Limited (IIFCL), one of the investors, in connection with its investment in secured, unlisted, rated, redeemable, taxable non-convertible debentures (NCDs) issued by BIAL. The total issue was structured in multiple tranches, comprising an initial tranche of INR 4,362 crore, with an option for an additional investment of INR 4,638 crore, of which a part was subscribed by IIFCL. The proceeds will be used by BIAL to refinance existing borrowings taken for the development of Terminal 2, the second runway, and related airport infrastructure. This transaction represents the largest unlisted private placement of NCDs in India’s airport sector, marking a key milestone in infrastructure financing in the country.

The Luthra transaction team comprised Partner Girish Rawat, Managing Associate Ashneet Chhabra, and Associate Ranjini G.