Trilegal acted as transaction counsel and advised Kerala Infrastructure Investment Fund Board, a statutory body and one of the largest State public sector undertakings in Kerala (“KIIFB”), debenture holders, and the arrangers (i.e., Trust Group, Tipsons Group, and AK Capital) in connection with (i) the issuance of INR-denominated listed and unsecured nonconvertible debentures aggregating to INR 1,002,96,00,000; and (ii) re-issuance of INR denominated listed and unsecured nonconvertible debentures aggregating to INR 497,00,00,000 by KIIFB. The non-convertible debentures are supported by an unconditional and irrevocable guarantee issued by the Government of Kerala.

The team was involved in structuring, documenting, and providing advice on all relevant legal aspects in relation to the transaction.

The documentation and the repayment mechanics for this transaction required detailed review and structuring to ensure compliance with the statute/regulations governing KIIFB (i.e., KIIF Act) and the Government of Kerala and the relevant SEBI regulations for listing of non-convertible securities issued by body corporates.

The transaction was led by our Banking and Finance Partner, Joseph Jimmy. Other attorneys who supported the deal were Varsha Yogish, Senior Associate; Lalitha Nandula and Aditya Shukla, Associates