Deal Closed | Macrotech Developers | Issuance of Non-Convertible Debentures

The details of the deal are as under:

Sector:  Real Estate Financing 

Announcement: Date: 14-Sep-2020

completion Date: 08-Sep-2020

Name of Client:: Macrotech Developers Limited

India’s leading real estate conglomerates with large land reserves in the Mumbai Metropolitan Region (MMR), Pune and London

Name of Subscriber: SWAMIH Investment Fund – I 

'special window’ fund set up by the Government of India in the form of an AIF.

Deal Description: Khaitan & Co advised Government of India’s special real estate fund (SWAMIH Investment Fund – I) in connection with the issuance of unlisted, secured, redeemable non-convertible debentures of up to INR 300 crore by Macrotech Developers Limited. This is one of the largest transactions implemented by the SWAMIH Investment Fund designed to alleviate stress in the real estate space.

Total Consideration: INR 300 crore (USD 40 million)

Team Members: The transaction team consisted of Ashwin Bishnoi (Partner), Shrey Agarwal (Principal Associate) and Pragalbha Priyakar (Senior Associate). The real estate aspects of the transactions were advised by Harsh Parikh (Partner), Rishabh Vora (Senior Associate) and Aishwarya Wadhavkar (Associate).

Role of the firm: Real estate due diligence and undertaking drafting, negotiation and finalisation of all transaction documents in connection with the issuance of unlisted, secured, redeemable non-convertible debentures by Macrotech Developers Limited.

Unique feature of transaction: SWAMIH Investment Fund – I is a ‘special window’ fund set up by the Government of India in the form of an AIF to provide 'last mile' funding for the completion of stalled housing projects in India.