January 4, 2016, New Delhi/Mumbai: Shardul Amarchand Mangaldas & Co acted as Indian legal advisor to Videocon Industries Limited (the “Issuer”) in relation to its restructuring of US$194.40 million 6.75% foreign currency convertible bonds (“FCCBs”) due December 2015.
The Capital Markets Team of Shardul Amarchand Mangaldas was led by Mr. Prashant Gupta, Partner & National Practice Head-Capital Markets, and included Ms. Shilpa Mankar Ahluwalia, Partner, and Ms. Monal Mukherjee, Partner, Ms. Shubhangi Garg, Principal Associate, Mr. Mathew Thomas, Senior Associate, Ms. Mallika Chopra, Senior Associate, and Ms. Roochi Hatengdi, Associate.
Videocon Industries Limited is a global conglomerate and the flagship company of the Videocon Group in India. This was a restructuring of US$ 194.40 million 6.75% existing FCCBs of the Issuer, which were issued in December 2010 and due December 2015. The transaction involved
part cash settlement of an amount of US$ 97.20 million (plus applicable interests and costs), and part exchange into US$ 97.20 million 4.30% FCCBs due December 2020. The Exchange Bonds are secured by way of pledge of certain shares of Videocon Telecommunications Limited (a subsidiary of the Issuer) by certain Videocon Group entities, and personal guarantees by two of the promoters of the Issuer.
The existing FCCBs of the Issuer were, and the Exchange Bonds are, listed on the Singapore Stock Exchange (SGX-ST), while the underlying equity shares of the Issuer are listed on the Indian stock exchanges, namely, BSE Limited and National Stock Exchange of India Limited.
The parties involved in the transaction were Videocon Industries Limited (the “Issuer”), Credit Suisse (Singapore) Limited (the “Sole Bookrunner”), DB Trustees (Hong Kong) Limited (the “Trustee”), Deutsche Bank AG, Hong Kong Branch (the “Principal Agent”), Deutsche Bank Luxembourg S.A (the “Registrar”) and Madison Pacific Trust Limited (the “Security Trustee”).
Practice Group: Capital Markets
Date of Closing: December 30, 2015
Other Advisors: Other Advisors to the deal were:
Baker & McKenzie. Wong & Leow acted as the Legal Advisor to the Company as to
English law;Linklaters and Cyril Amarchand Mangaldas acted as the Legal Advisors to the Sole
Bookrunner as to English law and Indian law, respectively;Allen & Overy LLP advised the Trustee as to certain matters of English law;
Duane Morris & Selvam LLP advised the promoters as to certain matters of English
law in relation to the promoter guarantee;DLA Piper and Juris Corp advised certain bondholders as to certain matters of
English law and Indian law, respectively.
About Shardul Amarchand Mangaldas & Co (SAM & Co)
Shardul Amarchand Mangaldas & Co (SAM & Co) is one of India’s leading full service law firms. Founded on almost a century of legal achievement, SAM & Co. reconstituted in May 2015 and has started anew. The Firm is known for its exceptional Mergers & Acquisition, Competition Law, Dispute Resolution & Arbitration, Regulatory Litigation, Capital Markets and Private Equity practices globally.
Its mission is “enabling business by providing solutions as trusted advisors through excellence, responsiveness, innovation and collaboration”. The Firm has been at the helm of major headline transactions and litigations in all segments of industry and business besides representing major trans-national corporates on their India entry and business strategy.
Headed by eminent practitioners Shardul Shroff and Pallavi Shroff, the Firm has more than 370 lawyers,
including 70 partners across its six offices in India, which include – New Delhi, Mumbai, Gurgaon, Ahmedabad, Bengaluru and Kolkata.
For further information, please contact –
Mr. Rahul Gossain
Senior
Manager – Client & Market Development
Shardul Amarchand Mangaldas & Co
T: +91 11 41590700, Extn: 4543
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