JSA advised Grip Invest Advisors Private Limited (“Grip”) on the listing of its latest alternative investment offering - Securitised Debt Instruments (SDI) at National Stock Exchange, Mumbai. This event also marks several firsts for our key stakeholders in this transaction including:
· 1st ever SDI to be listed on the NSE
· 1st such instrument to be rated by CRISIL
· 1st such offering available for 100% individual investor participation
The SDIs were issued on a private placement basis. Additionally, this is a socially aware and green investment product with more than 50% exposure to the electric industry/battery mobility.
JSA has acted as counsel for the transaction and has advised on the entire structure of the transaction, including the setting up of the special purpose distinct entity (“SPDE”), the arrangement between the Originator and the SPDE, the role of the servicer, nature of the credit enhancements, documentation, listing process of the SDIs, and general advice on India law and regulations. JSA also conducted due diligence on the Lessees in relation to the operating lease agreements.
Grip has been at the forefront of offering alternative investment offerings to individual investors. To offer not just an attractive risk reward but also regulatory-compliant instruments, accessible ticket sizes, and ease of investing, Grip has constantly innovated on its investment offerings.
Commenting on the listing, our Partner – Sidharrth Shankar said, “We are delighted to be part of this one of its kind transaction and to have represented Grips which sets the precedent for the first ever SDI listing on the National Stock Exchange.”
JSA team comprised: Partners - Sidharrth Shankar, Anish Mashruwala, Anjana Potti Niruphama Ramakrishnan & Nandini Seth; Of-Counsel: Abhishek Ray, Senior Associate: Yashaswee Sarkhel, Associates: Sneh Choudhary & Zahan Kalyaniwalla and Assistant Company Secretary: Shristi Kanchan.