Case Studies

A diverse mix of experiences in solving problems of clients.

An array of bond issues for different purposes

The team led by one of our co-Founders was awarded title of “Bond of the Year” several times.  Transactions handled by him in a previous organisation include:

  • Darbhanga Motihari Transmission Company Limited – INR 8.6 bn 21 year STRPP bonds, largest issuance by Essel Group
  • ReNew Akshay Urja – Largest ever IIFCL partially credit enhanced bonds for a renewable project and first time IREDA joined IIFCL to provide partial credit enhancement.
  • GP Wind (Jangi) – First ever renewable project bond deal on a stand-alone basis, and first time for Genting Group to issue NCDs in any of its Indian ventures.
  • Bhopal Dhule Transmission Co – 1st time bond issuance in an InvIT entity of transmission projects, towards refi of INR7.35bn with 5yr bonds
  • Nirchem Cement Ltd – Largest domestic acquisition funding based on target cashflows
  • Renew Wind Energy (Jath) Ltd. – India’s first credit wrapped bond issuance under the Indian Infrastructure Finance Company Ltd (IIFCL) and Asian Development Bank (ADB) credit enhancement scheme
  • CLP Wind Farms (India) – India’s first corporate (non-financial) green bond offering for renewable energy
  • East North Interconnection Co Ltd – India’s first standalone operating transmission asset bonds at the project level
  • Jhajjar Power Limited – One of the first standalone thermal power project SPV debentures issuance with spread reset & the first partially credit enhanced bond issuances in the country
  • L&T Interstate Road Corridor – First bond issuance in STRPP form for a NHAI annuity project
  • IOT Utkal Energy Services – largest INR denominated future-flow securitisation transaction
  • K Raheja Group –  Intime Properties, India’s first CMBS in Commercial Office Space; & 2nd CMBS dealt Feb’17
  • Nabha Power – First of its kind re-investment yield protected, conditionally callable NCD

Pass-through Certificates (PTCs) / Direct Assignments

One of our co-Founders has handled nearly 25 securitization mandates amounting to over INR 62bn. The underlying assets included Affordable home loans, MSME loans, Commercial vehicle loans and Micro-finance loans.

Global Corporate & Family Shareholding Structure, Global Business Process & Accounting Framework, Strategic MIS, Succession Management

One of our co-founders was originally engaged to design strategic Management Information Systems (MIS) for the expat-promoter to keep track of his business in India. A chance interaction between our co-founder and the expat-promoter-client helped them avoid a costly mistake while re-structuring their share-holding structure in India. Thereafter, our co-founder was involved in re-structuring the share-holding and business processes across ten countries in three continents, re-setting each country’s balance sheet and preparing a global strategic MIS to help the family monitor performance of its businesses. As part of the share-holding structure, a format was put in place for smooth transition of business within the family. Our co-founder also performed a key trusteeship role in ensuring smooth handover of control to the next generation.

Fifteen years later, the association with the client continues – testimony of a relationship that goes beyond business, and transcends generations.

Asset Monetization, Knowledge Platform, New Initiatives

Two promoters who set up the mutual fund distributor approached one of us over 20 years ago. They wanted to monetize an intangible asset to fund their fledgling distribution practice. Thereafter, every few years, the client has been engaging with our co-founder to discuss new initiatives and setting the strategic direction. Our co-founder was also architect of their training programs to grow their network of knowledge-enabled intermediaries. Seeing the client from scratch to India’s largest non-bank mutual fund distributor has been a gratifying experience.