Cyril Amarchand Mangaldas Advises Trust Investment in Relation to INR 3951 Crore NCD Issuance by Uttar Pradesh Power Corporation

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Cyril Amarchand Mangaldas acted as the legal counsel to Trust Investment Advisors Private Limited, acting as an investor and arranger with respect to issuance of listed, secured, rated, redeemable, taxable, non-convertible bonds by Uttar Pradesh Power Corporation Limited (UPPCL), a company wholly owned by the Government of Uttar Pradesh, with a green-shoe option for an aggregate issue size of INR 3,951.20 crore.

The Banking and Finance Practice of Cyril Amarchand Mangaldas advised on the Transaction. The Transaction team was led by Leena Chacko,Partner; with support from Srinjoy Bhattacherjee, Principal Associate; Krittika Chavaly,Associate; Shivendra Shukla,Associate; and Shivangini Singh,Associate.

As a part of the Transaction, the bonds are secured by way of a charge over the receivables and cashflows of UPPCL. Further, the bonds have been guaranteed by way of an unconditional and irrevocable guarantee provided by the Government of Uttar Pradesh.

Other Parties and Advisors to the transaction include Trust Investment Advisors Private Limited, Tipsons Consultancy Services Private Limited, and A.K. Capital Services Limited.

The Transaction was signed on 29th March 2022; and closed on 30th March, 2022.

About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas (CAM) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm’s generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With over 850 lawyers and 150 Partners, the Firm is the largest full-service law firm in India with offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.

Recently, the Firm received “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. In 2021, Firm received “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards.

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