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Khaitan, L&L on TNB Topaz Energy $33m debenture fundraise for Himachal power project from GMR

The deal represents an investment by TNB Topaz Energy Sdn. Bhd., a subsidiary of Tenaga Nasional Berhad, of up to INR 2,256,010,000 by way of subscription to compulsorily convertible debentures and equity shares issued by GMR Bajoli Holi Hydropower Private Limited, according to reports.

“GMR Infrastructure’s stepdown subsidiary GMR Bajoli Holi Hydropower Pvt Ltd (and a subsidiary of GMR Energy) has raised ₹225.60 crore from TNB Topaz Energy SDN Bhd, a wholly-owned subsidiary of Tenaga Nasional Berhad. The proceeds (raised through compulsorily convertible debentures) would be used for the construction of 180-MW Bajoli Holi hydroelectric project, Himachal Pradesh. The project is under advanced stage of construction,” reported Hindu Business Line.

Khaitan & Co advised TNB Topaz Energy Sdn. Bhd., a subsidiary of Tenaga Nasional Berhad led by a team of partner Akhil Bhatnagar, principal associate Swathy Ramanath, senior associate Jhinook Roy, associate Harshita Khurana, associate Jagata Swaminathan, associate Sathyajith Nair, partners Vivek Mimani, Deepak Jodhani, Sagardeep Rathi and associate Swati Bala.

L&L Partners advised GMR Group led by a team of partner Vishwanath Pratap Singh, senior associate Srabanee Ghosh and associate Niharika Choudhary; senior partner Mohit Saraf and partner Sundeep Dudeja guided the team and provided strategic advice.

2018-12-10

Deal value: INR 2,256 million to be infused through 2 tranches

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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