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Deal: Trilegal advises on the first ever ZCZP issuance on Social Stock Exchanges

31 Oct 2023

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Trilegal advised on the first-ever proposed public issuance of zero-coupon-zero-principal instruments (ZCZP) to be listed on the social stock exchange segments of National Stock Exchange of India Limited (NSE) and BSE Limited (Social Stock Exchanges) by SGBS Unnati Foundation (Unnati). Considering the pioneering nature of the transaction, it involved significant regulatory analysis of the capital raising framework.

Unnati is a Bangalore-based not-for-profit organisation (NPO) focused on training underprivileged youth and helping them seek gainful employment. Unnati has filed its final fund raising document with the Social Stock Exchanges.

The proceeds from the ZCZP issuance are proposed to be deployed towards Unnati’s learning and empowerment program, which is expected to impact the lives of approximately 10,000 young individuals in their final year in government colleges.

The Trilegal team advising on the matter was led by our Capital Markets Partner, Richa Choudhary, and comprised lawyers Maitreya Rajurkar, Senior Associate, and Aayush Khandelwal and Urmil Shah, Associates. Partners Rahul Matthan, Nishant Parikh and Sridhar Gorthi also provided strategic inputs on the transaction.

Trilegal was the sole counsel on the transaction, and Unitus Capital Private Limited was an advisor.

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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 |

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