Dentons Link Legal acted as lenders’ legal counsel to State Bank of India for INR 1000 Crores granted to India Grid Trust, a KKR backed Infrastructure Investment Trust registered with the Securities and Exchange Board of India for the purpose of (a) acquisition of new infrastructure projects/SPVs; (b) for refinancing of standard debt of existing SPVs or of the borrower; and (c) for advancing loans to holding companies and/or SPVs for refinancing of its existing debt.  

India Grid trust is a AAA rated KKR backed Infrastructure Investment Trust registered with the Securities and Exchange Board of India with investment in approx. 38 holdcos and transmission & solar SPVs. The Firm acted as lenders legal counsel in connection with the bilateral loan facilities granted by SBI to the InvIT and were involved in the drafting, negotiation, and finalization of the loan facility documents in connection with the fund raising. 

In addition to documentation at the InvIT level, the transaction involved structuring the transaction across Holdcos and SPVs, as well as advising on securities laws and ensuring compliance with RBI Regulations and SEBI InvIT Regulations. The document and security structure were evolved in view of the unique and complex nature of the transaction, since in addition to creation of security at a consolidated level across the asset SPVs and Holdcos of the InvIT, the structure also needed to be flexible enough to accommodate future rounds of senior debt funding by the InvIT as well as the acquisition of additional SPVs and Holdcos by the InvIT in future and arrangements with respect to sharing of proceeds inter se with existing debenture holders and lenders of the InvIT. 

The Dentons Link Legal team comprised of Nidhi Pathania (Partner) and Madhur Verma (Partner) supported by Aarti Krishnan (Associate) in certain closing aspects of the deal.

Other firms advising on the matter and their role: Cyril Amarchand Mangaldas – Borrowers’ Counsel

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