Khaitan & Co and TT&A Advise on JSW Paints ₹3,300 Crore NCD Issuance

Khaitan & Co advised JSW Paints Limited on the issuance of listed, rated, unsecured, redeemable non-convertible debentures aggregating ₹3,300 crore, while TT&A advised the subscribing banks — including MUFG Bank, Mizuho Bank, JP Morgan Chase Bank, Barclays Merchant Bank (Singapore), Sumitomo Mitsui Banking Corporation and DBS Bank — on the transaction. The transaction comprised JSW Paints Limited's maiden issuance of listed, rated, unsecured, redeemable non-convertible debentures (NCDs) aggregating ₹3,300 crore. The NCDs carry an AA- rating with a stable outlook from ICRA Limited and were subscribed by, inter alia, MUFG Bank, Ltd., GIFT Branch; Mizuho Bank Ltd., Singapore Branch; JP Morgan Chase Bank, N.A.; Barclays Merchant Bank (Singapore) Limited; Sumitomo Mitsui Banking Corporation; and DBS Bank Limited. The proceeds of the NCDs are proposed to be utilised, inter alia, to fund the acquisition of shares of Akzo Nobel India Limited by JSW Paints, a transaction that will position JSW Paints as a significant player in the Indian paints market. Khaitan & Co represented client JSW Paints Limited with a team composed by: Manisha Shroff (Partner) and Arijit Sarkar (Partner), supported by Anushka Sinha (Senior Associate), Akshansh Sharma (Senior Associate), Khushboo Damakia (Associate) and Priyam Indurkhya (Associate). Additional Khaitan & Co contributors included acquisition and general corporate advisory: Shishir Vayttaden (Partner), Surbhi Ajitsaria (Principal Associate) and Harishankar Raghunath (Associate); MTO advisory: Abhishek Dadoo (Partner) and Jayantika Khanna (Principal Associate); corporate governance and SEBI disclosure advisory: Sharad Abhyankar (Partner), Saranya Mishra (Senior Associate) and Preksha Diwakar (Associate); funds advisory: Divaspati Singh (Partner); merger structuring advisory: Mehul Shah (Partner); data privacy advisory: Ishan Johri (Partner); competition advisory: Anisha Chand (Partner) and Alisha Mehra (Principal Associate); CCD/OCD leg: Siddarth Goel (Senior Associate); and closing assistance: Rajshekhar Upadhyaya (Principal Associate). TT&A represented the subscribing banks MUFG Bank, Mizuho Bank, JP Morgan Chase Bank, Barclays Merchant Bank (Singapore), Sumitomo Mitsui Banking Corporation and DBS Bank with a team composed by: Rahul Gulati (Partner), Rituparno Bhattacharya (Partner), Nakul Sonejee (Managing Associate), Nikita Agarwal (Managing Associate), Pallav Rathi (Senior Associate) and Associates Adesh Sharma, Rajeev Dadhich and Kashish Agarwal.

Khaitan & Co and TT&A Advise on JSW Paints ₹3,300 Crore NCD Issuance

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