Deal Closed | Asian Development Bank | Issuance of Non-Convertible Debentures

The details of the deal are as follows:

Sector: Financial Services 

Announcement Date: 30-Mar-2021 

Completion Date: 17-Mar-2021 

Name of Client: Asian Development Bank 

Investor Details: Asian Development Bank | Philippines  

Asian Development Bank, a multilateral development bank, provides various forms of financial assistance to its developing member countries (DMC) to promote social and economic development. ADB offers loans, technical assistance (TA), grants, guarantees, and equity investments that are funded through ordinary capital resources, special funds, and trust funds. It also provides debt management products to its sovereign and sovereign-guaranteed borrowers and entities fully guaranteed by members, such as interest rate swaps and cross-currency swaps for their third-party liabilities. 

Deal Description: Khaitan & Co acted as Asian Development Bank’s counsel in connection with its subscription to rupee-denominated secured, unlisted, non-convertible debentures to be issued by Suguna Foods Private Limited. The investment was carried out through the foreign portfolio investing arm of ADB as a part of ADB’s $20 billion response package to COVID-19. The investment is expected to facilitate Suguna to make timely payments to its contract farmers and suppliers.  

Total Consideration: USD 15.28 Million 

Team Members: Manisha Shroff (Partner), Smita Jha (Partner), Jessica Gandhi (Principal Associate), Shrooti Shukla (Associate) and Aishwarya Tripathi (Associate) represented the client on the transaction. Sudheer Madamaiah (Partner), Yigal Gabriel (Partner), Pavithra Thammaiah (Counsel), Rohan Shah (Associate) and Arjun Narayanan (Associate) assisted with title due diligence for immovable properties situated in West Bengal, Assam and Karnataka. 

Role of Firm: Investor Counsel