Dhir & Dhir Associates advised National Housing Bank, wholly owned by Reserve Bank of India, on the Tranche- II of public issue of tax free bonds in the nature of secured, redeemable, non-convertible debentures with benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961, aggregating upto Rs. 1,000 Crore.

The Tranche- II Issue was subscribed 5.0 times on its opening day on Friday, March 7, 2014. The base issue size was Rs. 250 crore with an option to retain over-subscription up to Rs. 1,000 crore. The issue was pre-closed on Tuesday, March 11, 2014. Girish Rawat, Associate Partner led the Firm’s banking & capital market team on the public issue of tax free bonds. The other team members included Senior Associate Guranpreet Sarna and Associate Malvika Tayal. They advised National Housing Bank and the Lead Managers to the Tranche- II 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.

Edelweiss Financial Services Limited, Axis Capital Limited and RR Investors Capital Services Private Limited acted as the Lead Managers to the Tranche- II Issue.