10 Apr 2026
Deal: Issuance of INR denominated, listed, and unsecured non-convertible debentures by Kerala Infrastructure Investment Fund Board
05 Feb 2024
05 Feb 2024
Trilegal acted as transaction counsel and advised Kerala Infrastructure Investment Fund Board, a statutory body and one of the largest State public sector undertakings in Kerala (“KIIFB”), debenture holders, and the arrangers (i.e., Trust Group, Tipsons Group, and AK Capital) in connection with (i) the issuance of INR-denominated listed and unsecured non-convertible debentures aggregating to INR 1,002,96,00,000; and (ii) re-issuance of INR denominated listed and unsecured non-convertible debentures aggregating to INR 497,00,00,000 by KIIFB. The non-convertible debentures are supported by an unconditional and irrevocable guarantee issued by the Government of Kerala.
The team was involved in structuring, documenting, and providing advice on all relevant legal aspects in relation to the transaction.
The documentation and the repayment mechanics for this transaction required detailed review and structuring to ensure compliance with the statute/regulations governing KIIFB (i.e., KIIF Act) and the Government of Kerala and the relevant SEBI regulations for listing of non-convertible securities issued by body corporates.
The transaction was led by our Banking and Finance Partner, Joseph Jimmy. Other attorneys who supported the deal were Varsha Yogish, Senior Associate; Lalitha Nandula and Aditya Shukla, Associates.
About Trilegal
Trilegal is one of India’s leading law firms, with expertise across the full spectrum of corporate legal services. Trilegal has offices in four key cities of India.
Trilegal has been recognised as the India Deal Firm of the Year by Asian Legal Business (ALB) India Law Awards 2023; one of the ‘Best Overall Law Firms’ at the India Business Law Journal Indian Law Firm Awards 2022; ‘Firm of the year’ for Client Service Excellence by Asia Law Awards 2021; “M&A Law firm of the Year” by VCCircle Awards 2020 one of the most innovative law firms in Asia in the inaugural edition of ALB Trailblazers 2020; and ‘highly commended’ in the FT RSG Innovative Lawyers Awards 2020.
For more information, please contact:
Sahil Wason
Mob: +91-8928008122 | BD@trilegal.com
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