Dhir & Dhir Associates advised Indian Renewable Energy Development Agency Limited (A Government of India Undertaking), on the public issue of tax free bonds inthe nature of secured, redeemable, non-convertible debentures with benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961, aggregating upto ` 1,716.00 Crore.

The Issue was subscribed 5.00 times of the base issue size on its opening day on Monday, December 30, 2013. The base issue size was ` 1,000.00 Crore with an option to retain oversubscription up to ` 716.00 Crore. The issue was pre-closed on January 1, 2014.

Girish Rawat, Partner led the Firm’s banking & capital market team on the public issue of tax free bonds. He was supported by Guranpreet Sarna, Senior Associate, SurbhiNarang and Shikha Singh, Associates. They advised Indian Renewable Energy Development Agency Limited and the Lead Managers to the Issue on various transaction related issues from time to time and have drafted the offer documents, public announcement, various communications with the stock exchanges and the regulator, and documentation.

Karvy Investor Services Limited, A.K. Capital Services Limited, Edelweiss Financial Services Limited, IDBICapital Market Services Limited and RR Investors Capital Services Private Limited acted as the Lead Managers to the Issue.