L&L Partners advised the Lead Arranger, ICICI Bank Limited in relation to the issuance of listed senior secured non-convertible debentures aggregating to INR 1000.00 Crore (Rupees One Thousand Crores) issued by Adani Ports and SEZ Limited (‘APSEZ’). The said issue was oversubscribed by 2.5% times. The debentures are issued on a private placement basis under the recently promulgated SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“NCS Regulations”), which came into force on the August 9, 2021. The NCS Regulations repealed the erstwhile SEBI (Issue and Listing of Debt Securities) Regulations, 2008, as amended, and consolidated 37 circulars issued by SEBI over the years into a single Operation Circular for Issue and Listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper.
L&L team was led by Partner - Girish Rawat, ably assisted by Senior Associate, Sourav Padhi and Associate Ashneet Chhabra.