Hogan Lovells advises on US$480 million equity and equity-linked offering by Cholamandalam Investment and Finance

Hogan Lovells advises on US$480 million equity and equity-linked offering by Cholamandalam Investment and Finance

Press releases | 10 October 2023

Singapore, 10 October 2023 - Global law firm Hogan Lovells has advised the lead managers Kotak Mahindra Capital, HSBC Securities and IIFL Securities on the US$480 million offering of equity shares and compulsorily convertible debentures by Cholamandalam Investment and Finance Company Limited (Cholamandalam Finance) through a qualified institutions placement.  

Cholamandalam Finance is a leading Indian non-bank finance company and the financial services arm of the Murugappa Group, a 122-year-old conglomerate across various business verticals, including abrasives, auto components, bicycles, sugar, farm inputs, fertilizers, plantations, bioproducts and nutraceuticals. Proceeds from the offering will be used for business growth and augment capital adequacy requirements of Cholamandalam Finance. 

The equity and equity-linked offering was a milestone transaction, with a simultaneous offering of equity shares and compulsorily convertible debentures. It was also the largest equity or equity-linked offering in 2023 by any Indian company (non-bank) to date. 

The Hogan Lovells team was led by Singapore Office Managing Partner and India Co-Chair, Biswajit Chatterjee, with support from counsel Kaustubh George and associates Aditya Rajput, Suchisubhra Sarkar and Utkarsh Mishra. Henry Kahn (partner, Baltimore) advised on investment company related regulatory aspects while Nancy O’Neil (partner, Baltimore) and David Steenburg (senior associate, Washington D.C.) advised on US tax matters.  

Commenting on the transaction, Biswajit Chatterjee stated: "We are honoured to have had this opportunity to advise on this significant transaction in the Indian market. This transaction reflects our market-leading capabilities in India, working as a trusted advisor to longstanding clients on complex transactions.” 

About Hogan Lovells Equity Capital Markets practice

Our equity capital markets teams globally work seamlessly together to provide integrated advice on complex and time-sensitive cross-border transactions. Our vast experience in all types of legal, financial, regulatory, tax, and corporate governance issues makes us uniquely qualified to assist foreign private issuers, U.S. issuers, and their underwriters as those companies embark on their IPOs and make the transition to public ownership.

In the Asia-Pacific region, we provide substantial experience on equity and capital markets transactions, from IPOs, dual listings, share placements, rights issues, to convertible notes and other securities.

About Hogan Lovells India practice 

Hogan Lovells India practice consists of lawyers across its global network of offices ranging from Northern California to the East Coast of Australia. The Singapore office is the firm’s regional hub for India, Southeast Asia, and South Asia. With strong local relationships and keen market knowledge, we work successfully across borders to help clients develop infrastructure projects, seek investment opportunities, raise capital, restructure businesses, and resolve disputes and intellectual property issues in India.

Hogan Lovells has been ranked as one of the key players in India’s foreign law firm market by India Business Law Journal 2023.