Cyril Amarchand Mangaldas (CAM) advised Standard Chartered Bank, acting as the Arranger and debenture holder, in relation to the issuance of listed, rated, redeemable and rupee denominated non-convertible debentures of up to 445 Crores ("NCDs") issued by Aethon Developers Private Limited (the "Issuer") on a private placement basis. The Issuer is a wholly-owned subsidiary of Runwal Developers Private Limited. This deal has a unique structure, whereby the NCDs which were issued as unsecured will be converted to 'secured' debentures post compliance with the requirements under the SEBI (Listing and Disclosure Requirements) Regulations, 2015 and SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021. The proceeds from the issuance of NCDs are being utilised by the Issuer for, inter alia, acquisition of the project land from Kansai Nerolac Paints Limited for a residential property being developed in Worli, Mumbai.

The transaction team was led by Pururaj Bhar, Partner; with the support from Sohrab Kharadi, Principal Associate; Soumya Khurana, Senior Associate; and Sonali Suresh Associate.

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About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.

The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.

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