Deal: JM Financial Products proposed public issue of non - convertible debentures

JM Financial Products Limited (Issuer) has filed a shelf prospectus and a tranche prospectus for the proposed public issue of non – convertible debentures (NCDs) with a shelf limit of INR 1,500 crore (Issue) with the current tranche prospectus for issuance of NCDs aggregating up to INR 500 crore under the above shelf limit. Equirus Capital Private Limited and JM Financial Limited have advised the Issuer as Lead Managers.

Trilegal advised and acted as the sole legal counsel for this Issue.

This is one of the first public issuance of NCDs undertaken by a company under the new amendment dated September 7, 2021, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2021 (SEBI LODR Amendment Regulations) and one of the first few public issuances of NCDs undertaken by a company under the new SEBI (Issue of Non – Convertible Securities) Regulations, 2021 (SEBI NCS Regulations). The SEBI LODR Amendment Regulations and SEBI NCS Regulations introduced certain important changes pertaining to the disclosures as well as the process-related compliances, which were analysed for this issue and appropriately implemented.

The Trilegal team was led by Richa Choudhary, Partner and was assisted by Avanti Kale and Ananya Sharma, Senior Associates; Aman Bahl and Aman Vasavada, Associates.