April 20, 2022, Mumbai/ Delhi: 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.