Singapore – Global law firm Hogan Lovells has advised the lead managers Kotak Mahindra Capital, HSBC Securities and IIFL Securities on the US$480 million offering of equity shares and compulsorily convertible debentures by Cholamandalam Investment and Finance Company Limited (Cholamandalam Finance) through a qualified institutions placement.
Cholamandalam Finance is a leading Indian non-bank finance company and the financial services arm of the Murugappa Group, a 122-year-old conglomerate across various business verticals, including abrasives, auto components, bicycles, sugar, farm inputs, fertilizers, plantations, bioproducts and nutraceuticals. Proceeds from the offering will be used for business growth and augment capital adequacy requirements of Cholamandalam Finance.
The equity and equity-linked offering was a milestone transaction, with a simultaneous offering of equity shares and compulsorily convertible debentures. It was also the largest equity or equity-linked offering in 2023 by any Indian company (non-bank) to date.
The Hogan Lovells team was led by Singapore Office Managing Partner and India Co-Chair, Biswajit Chatterjee, with support from counsel Kaustubh George and associates Aditya Rajput, Suchisubhra Sarkar and Utkarsh Mishra. Henry Kahn (partner, Baltimore) advised on investment company related regulatory aspects while Nancy O’Neil (partner, Baltimore) and David Steenburg (senior associate, Washington D.C.) advised on US tax matters.
Commenting on the transaction, Biswajit Chatterjee stated: “We are honoured to have had this opportunity to advise on this significant transaction in the Indian market. This transaction reflects our market-leading capabilities in India, working as a trusted advisor to longstanding clients on complex transactions.”
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