AZB Mumbai capital markets partner Shameek Chaudhuri acted for Tata Power-backed Bhira Investments, which attracted bids of over $3.5bn on the issue, according to the Wall Street Journal.

Amarchand Mumbai debt capital markets partner Niloufer Lam, who joined the firm one year ago, acted for the deal’s managing banks Deutsche Bank, UBS and Goldman Sachs.

Lam (pictured) said: “It was the first hybrid bond out of India for an Indian corporate. The international rating agencies have criteria established for these debt instruments which have equity-like features so that the relevant issuer obtains part equity credit and part debt credit on issuance.”

The instrument has a 60-year duration with an interest reset after five years and the ability to defer interest payments provided no dividend payment or buybacks have occurred, she explained.

In November 2009 Amarchand and AZB also advised on Tata Steel’s $493m convertible bond swap and a $300m foreign currency convertible bond (FCCB) issue.