CAM Acts on Vodafone Idea ₹3,300 Crore (Approx. $370 Million) NCD Issuance.
Vodafone Idea Limited.
Mumbai: Cyril Amarchand Mangaldas (CAM) has advised on Vodafone Idea Telecom Infrastructure Limited’s issuance and allotment of unlisted, unrated, secured and redeemable non-convertible debentures (NCDs) aggregating ₹3,300 crore (around $370 million), marking the largest disclosed private credit deal in India’s telecom sector.
CAM advised JM Financial Products Limited—the transaction advisor and exclusive debt arranger—as well as Vodafone Idea Telecom Infrastructure Limited, providing comprehensive legal advisory services throughout the structuring, negotiation and execution of the transaction.
READ: Poovayya, AZB Act on $52 Million Acquisition of People Tree Hospitals by Fortis
The deal was led by Subhojit Sadhu, Partner – Finance & Infrastructure and Director (CAM – Middle East), with support from Principal Associate Apoorv Jain and associates Mansi Jain, Srijeeta Chakraborty and Dyuti Anand. Senior Partner Yash J. Ashar and Amey Pathak, Partner and Head – Banking, provided strategic inputs.
Tax-related aspects were handled by Partners Kunal Savani and S.R. Patnaik, with assistance from Principal Associates Bipluv Jhingan and Shivam Garg, and Consultant Vaibhav Zaveri. Disputes-related matters were overseen by Partner Srinivas Chatti, supported by Principal Associate Aishwarya Wagle.
READ: Non-Signatories Cannot Compel Arbitration, Supreme Court Rules in HPCL Case
Insolvency-related aspects of the transaction were advised by Partners Madhav Kanoria and Surbhi Pareek, with support from Principal Associate Neha Shivhare and Associate Tara Ranade.
According to the firm, the NCD issuance was undertaken to meet Vodafone Idea Telecom Infrastructure Limited’s payment obligations to Vodafone Idea Limited. The capital raised is expected to help the telecom operator bolster its capital expenditure plans and support its ongoing business growth initiatives.
READ: How Impeachment of Judges Works in India — Process, History, and the Latest Cases
