From left: Tanuj Hazari and Sidhant Ajmera
Khaitan & Co and KNM & Partners have advised on Saya Hi-Tech on the issuance of listed, secured and redeemable non-convertible debentures (NCDs) totalling INR1.75 billion (USD19.9 million).
Investment and asset funds managed by the Edelweiss Group subscribed to the NCDs, which were issued on a private placement basis.
The transaction involved drafting, negotiating and executing the debenture trust deed, and related financing and security documentation, as well as advising the issuer on regulatory compliance under the Companies Act, 2013, and the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
KNM associate partners Tanuj Hazari and Sidhant Ajmera led the team, advising Saya Hi-Tech, a Saya Group company, on all aspects of the transaction. This included structuring the issuance, reviewing, negotiating and finalising the documentation, as well as liaising with various intermediaries. The team also advised on the listing of the NCDs on the Bombay Stock Exchange.
Khaitan & Co acted for the debenture holders.
Saya Hi-Tech focuses on residential, commercial and retail property development.
