28 Apr 2026
Deal: Trilegal advised Varanasi-Aurangabad NH-2 Tollway on successful USD 316.3 million debut dollar bond issuance
25 Mar 2025
25 Mar 2025
Trilegal advised Varanasi Aurangabad NH-2 Tollway Private Limited (VAH), a company wholly owned by ROADIS, on its successful issuance of USD 316.3 million 5.90% senior secured notes, listed on India INX at GIFT IFSC. Deutsche Bank, HSBC, and Société Générale acted as joint book-running lead managers.
This transaction marks a significant milestone in India’s infrastructure financing landscape, with VAH becoming the first Indian toll road concessionaire to raise US dollar-denominated debt in the international capital markets and securing investment-grade ratings from Moody’s and Fitch.
Trilegal provided strategic guidance throughout the process, including structuring the transaction, conducting rule 144A standard legal diligence, reviewing and drafting Indian law financing and regulatory documents, drafting/reviewing the consent letters, authorisations and applications, issuing a legal opinion, rule 10b-5 style letter, advising on Indian law matters, and assisting with closing and post-closing formalities.
Trilegal played a key role in developing a transaction structure to ensure contractual parity between the bondholders and hedge providers and compliance with NHAI’s notifications and policies on refinancing.
The Trilegal Banking & Finance Team advising on the mandate was led by Partner: Ameya Khandge; and supported by Counsel: Nikhil Khurana; Senior Associate: Pragya Pugalia; and Associate: Aarzoo Gang.
The Trilegal Capital Markets Team advising on the mandate was led by Partner: Albin Thomas; and supported by Senior Associate: Arjun Rastogi; and Associate: Mukund Bali.
The Trilegal Projects Team advising on the mandate was led by Partners: Neeraj Menon and Swathy S Pisharody; and supported by Senior Associate: Oindrilla Mukherjee; and Associates: Manasvi Sharma, Padmavathy Nehru, and Prateek Singh.
The Trilegal Tax Team advising on the mandate was led by Partner: Komal Dani; and supported by Senior Associates: Samyak Jain and Deepanshu Jhanwar; and Associates: Harshita Nahata and Himeesha Dhiliwal.
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 M&A Firm of the Year by IFLR Asia-Pacific 2024; Best Overall Law Firms by India Business Law Journal (IBLJ) 2024; Innovative Lawyers Asia-Pacific by Financial Times (FT) 2024; Law Firm of the Year by Deal Volume by VCCircle Awards 2024; India Deal Firm of the Year by Asian Legal Business (ALB) India Law Awards 2023; Best Law Firms to Work by Vahura 2022; Firm of the year for Client Service Excellence by Asia Law Awards 2021.
For more information, please get in touch with Prakruti Jani | Mob: +91-9867868976 | BD@trilegal.com
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