Dhir & Dhir Associates advised Housing and Urban Development Corporation Limited, owned and controlled by Government of India, on the public issue of secured, redeemable, non-convertible tax free bonds aggregating upto the Shelf Limit of INR 35,000.00 Million (US$ 530.29 Million) in various tranches.

The Issue was a great success as the first and the last tranche was oversubscribed 3.61 and 4.59 times, respectively, of the Base Issue Size on the first day of the issuance.

Girish Rawat, Partner led the Firm’s banking & capital market team on the public issue of tax free bonds. The other team members included Guranpreet Sarna and Surbhi Narang. They advised Housing and Urban Development Corporation 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.

Axis Capital Limited, Edelweiss Financial Services Limited, ICICI Securities Limited, SBI Capital Markets Limited and RR Investors Capital Services Private Limited acted as the Lead Managers to the Public Issue.