The Banking, Corporate & Structured Finance team of Cyril Amarchand Mangaldas advised on the matter. The transaction team was led by Lakshmi Prakash, Partner; with support from Kushal Rohira, Principal Associate Designate; and Himanshi Mahajan, Associate.
Bharath Reddy, Partner; provided strategic inputs on corporate related aspect of the transaction.
As a part of the transaction, 2,50,000 listed, unsecured, rated, redeemable, non-cumulative, non-convertible debentures were issued, aggregating to INR 2500 crores only, in 2 (two) tranches, each including issuance of 1,25,000 rated, unsecured, listed, redeemable non-convertible debentures of the face value of INR 1 lakh each, aggregating up to INR 1,250 crores.
Other parties and advisors to the transaction included Kotak Mahindra Bank Limited and Axis Bank Limited (acted as arranger for Titan); Axis Trustee Services Limited (acted as debenture trustee for Titan); BSR & Co LLP (acted as auditor for Titan); and TSR Consultants Private Limited (acted as registrar for Titan).
The issue concluded in the first week of November 2023.
