IDFC FIRST Bank Limited, through its IFSC Banking Unit, has successfully issued $600 million in senior notes due in 2029, alongside a $350 million issuance due in 2031 via private placement. The esteemed TT&A law firm provided counsel to IDFC FIRST Bank on this significant transaction. The dedicated team at TT&A included Partner Rahul Gulati, Partner Priyanka Kumar, Senior Associate Shivani Iyer, and Associate Shrijaya Singh.
Shardul Amarchand Mangaldas & Co played a pivotal role as Indian legal advisors to BofA Securities, the Placement Agent for this issuance. Their expertise was instrumental in structuring the transaction from an Indian legal standpoint, taking into account the relevant IFSC and banking regulations, and offering crucial support through to closure. Their services included the review, negotiation, and finalization of key documents such as the information memorandum, terms and conditions of the Notes, as well as the placement agency and subscription agreements. The team was spearheaded by Partner Shubhangi Garg, and included Principal Associate Ankeeta Parhi, Associates Gaurangi Pande and Neville Tata. The tax-related elements were handled by Partner Gouri Puri and Principal Associate Nimish Malpani. Strategic direction was provided by Prashant Gupta, Partner and National Practice Head for Capital Markets.
International counsel was provided by Linklaters, advising BofA Securities. The transaction was directed by Amit Singh, Partner and Head of the India Practice, alongside Partner Xunming Lim, with additional support from Managing Associate Calvin Cheng and Associate Edward Lee.
This issuance marks IDFC FIRST Bank’s foray into the international debt capital markets. The bonds issued are presently listed on the Vienna MTF and are slated for listing on a stock exchange in the GIFT City.
