Cyril Amarchand Mangaldas (CAM) served as the legal counsel to the Asian Development Bank (ADB) in connection with its subscription to unlisted, secured, unrated, redeemable, and interest-bearing non-convertible debentures issued by Vivriti Capital. The issuance, conducted on a private placement basis, had a face value of INR 100,000 each and amounted to the Indian rupee equivalent of USD 25 million.
Vivriti Capital Limited, a non-banking financial company (NBFC) registered with the Reserve Bank of India, will utilise the proceeds to finance companies operating in sectors such as electric vehicles, solar and wind energy, and waste management. This marks a pioneering move by a mid-sized NBFC in India, reflecting a significant step towards financing sustainable development projects.
The transaction team was led by Manasvini Raj, Partner, with the support of Apoorv Jain, Principal Associate, and Saaz Bhatia, Associate. The due diligence team, also headed by Manasvini Raj, included Apoorv Jain, Principal Associate; Saurabh Sharma, Associate; and Dhruv Agarwal, Associate. Strategic inputs were provided by Senior Partner Santosh Janakiram. The definitive documents were signed on 26 September 2024, and the transaction closed on 18 October 2024.
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