Cyril Amarchand Mangaldas (CAM) advised Standard Chartered Bank, acting as the Arranger and debenture holder, in relation to the issuance of listed, rated, redeemable and rupee denominated non-convertible debentures of up to 445 Crores ("NCDs") issued by Aethon Developers Private Limited (the "Issuer") on a private placement basis.
The Issuer is a wholly-owned subsidiary of Runwal Developers Private Limited. This deal has a unique structure, whereby the NCDs which were issued as unsecured will be converted to 'secured' debentures post compliance with the requirements under the SEBI (Listing and Disclosure Requirements) Regulations, 2015 and SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021. The proceeds from the issuance of NCDs are being utilised by the Issuer for, inter alia, acquisition of the project land from Kansai Nerolac Paints Limited for a residential property being developed in Worli, Mumbai.
The transaction team was led by Pururaj Bhar, Partner; with the support from Sohrab Kharadi, Principal Associate; Soumya Khurana, Senior Associate; and Sonali Suresh Associate.
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