Khaitan & Co advised TVS Credit Services Limited in relation to its maiden issuance of unlisted unsecured rated subordinated fully paid-up perpetual debt instruments (PDI) on a private placement basis, amounting to INR 100 crores with 11.50% coupon payable till perpetuity (the “PDIs”) for the purpose of inter-alia onward lending, refinancing of existing debts and to augment Tier I capital of the Company. The Debentures have been subscribed to by TATA Capital Financial Services Limited.

Manisha Shroff (Partner), Madhuparna Dasgupta (Principal Associate), Oindrila Bhowmik (Associate) and Swaraj Singh Narula (Associate) represented the client on the transaction.