Khaitan & Co is known for its capital markets, M&A and restructuring work.
In banking, the firm acted for international and domestic banks as lenders on refinancing, aircraft leasing and financing, and acquisition financing mandates.
On the debt capital markets side, the firm represented arrangers, issuers, investors on a host of bonds and debentures issues in sectors including banking and financial services, telecommunication, power natural resources and transport. A highlight saw the firm act for the issuer on the first foreign high yield bond under the revamped currency external commercial borrowings framework.
Noteworthy deals on the equity capital markets side saw the firm advising the underwriters on the first bank IPO since August 2016 and the largest IPO by an asset management company.
On the M&A front, the firm acts for publicly listed and unlisted corporate acquirers and targets, private equity firms, investors and funds across the full spectrum of M&A matters. The firm has a particular focus on the defence, insurance, e-commerce, pharmaceuticals and healthcare sectors. A highlight saw the firm act for the acquirer on the second private equity control transaction in India’s health insurance sector.
In the projects space the firm has experience in representing project developers, private equity investors, central and state governments, project contractors, and equipment suppliers. AN interesting mandate saw the firm advising on the development of a commercial project at the Delhi Airport.
In restructuring, the firm advises stakeholders such as sponsors, creditors and creditor committees, distressed debt investors, and resolution professionals in distressed situations as well as formal debt resolution proceedings. The firm notably acted for the acquirer in the resolution plan for Electrosteel Steels – one of the first among the “dirty dozen” to be approved and implemented.
Recent Deal Data highlights
• Bandhan Bank NSE IPO
• Essar Steel insolvency
• HDFC Asset Management NSE IPO
• Ingersoll Rand $1.45 billion acquisition of the precision flow system business of Accudyne Industries
• InterGlobe Aviation $750 million credit facility
• Reliance General Insurance NSE IPO
• Ultratech Cement Rs50 billion loan facility
“They have a very competent team of diligent professionals who are well aware of nuances.” - Financial services regulatory
“The firm understands the nature of PE transactions and the fundamental rights and obligations they incorporate in the agreement. The firm ensures the protection of the client's interest and also outlines the risks and consequences of important clauses.” – Private equity
“The firm´s work was key in the tender process, very professional and high quality, and always responsive.” - Project development
“A high degree of professionalism and on-time availability of resources.” - Restructuring and insolvency
“Devidas provides an integrated approach and is able to allocate internal resources to us as when needed.”
“High legal acumen and strong business focus. Professional services with a human touch.”
“He is an amazing guy who understands PE transactions and also understands how we run our business.”
“Very professional and responsive; solution-oriented.”