Nuvama Investment Banking acted as the Left Lead Book Running Lead Manager to the INR 5,000 mn IPO of Gandhar Oil Refinery

Deal Details

  • Deal saw strong participation across investor categories garnering more than INR 23,000 crs
    • QIB* – ~129x, HNI – ~64x, Retail – ~29x
  • Company saw stellar IPO Listing with equity shares opening at 76%# premiumandwas amongst the Top 5 IPOs^ in terms of listing day gains in CY 2023 showcasing investor confidence in Company’s business and management team

Contribution

  • As the left-lead banker, hand-held the Company in end-to-end execution, swift regulatory approvals, thereby ensuring timely launch
  • Nuvama played a central role in the IPO by bringing key cornerstone investors completelydriving the momentum of the issue
  • Dominated procurement in the Anchor in a 2 bank syndicate – Highest overall share of ~66%in terms of amount procured and 62%in terms of number of anchor investors converted
  • Pushed the story aggressively through our distribution channel to garner strong interest in HNI & Retail category resulting in 28 lakh+ applications

Nuvama Debt Advisory & Capital Structuring (DA&CS) is glad to announce the successful closure of a monumental Debt Syndication Transaction for Deepak Fertilizers Group!

Deal Details:

  • Successtully Syndicated INR 16,000 MN from two Public Sector Banks
In INR MNTLW.CapTotal
Canara Bank7,0005,00012,000
State Bank of India4,0004,000
Total11,0005,00016,000

Contribution:

  • Structured the proposal ensuring compliance of all regulatory requirements of RBl and Banks
  • |dentification & Finalization of potential financing partners in collaboration with the client
  • Prepared a comprehensive loan proposal showcasing proposal strengths and group level credentials.
  • Understanding client’s requirements w.r.t. amount, covenants, amortization schedules, security & interest rates and suitably structuring the same from bank’s acceptability perspective.
  • Facilitated a smooth closing process, including the signing of loan agreements and disbursement.

About:

  • Performance Chemiserve Limited, (ICRA A+ rated), a group company of Deepak Fertilisers Group has recently commissioned 1,500 MTPD ammonia plant for meeting group’s captive requirements.

Nuvama Investment Banking acted as the Book Running Lead Manager to the INR 10,300 mn IPO of TVS Supply Chain Solutions

Deal Details:

  • First TVS Group Company IPO to hit the market after nearly three decades
  • IPO of the Largest and Fastest growing integrated supply chain solutions company in India^
  • TVS SCS successfully completed a Pre-IPO placement and the IPO received a strong response from investors, reflecting TVS SCS’ ability as a global integrated supply chain solutions company

Contribution:

  • Effectively positioned TVS SCS as a Resilient Business with a Technological Moat and Long term and Stable revenues from marquee Indian & global customers
  • Nuvama garnered participation from a diverse investor set including Marquee ‘Long Only’ DII and FII investors
  • Highest number of investors converted in anchor book
  • TPushed the TVS SCS story aggressively through our distribution channel to garner strong interest in HNI and Retail category

About:

  • TVS Supply Chain Solutions Ltd. is an Indian supply chain logistics solution provider that has global capabilities and network across the value chain with cross deployment abilities.

Exclusive Financial Advisor to Janki Corp Limited (JCL) for raising Working Capital Finance & enabling its foray back into normal banking channel post turnaround

Deal Highlights

  • JCL achieved remarkable turnaround from FY20 supported with market dynamics & management competencies in productivity improvement & liability management efforts
  • Despite strong turnaround & financials, re-entry into normal banking was tough to come by due to legacy issues of debt resolution
  • Nuvama enabled JCL’s successful foray back into banking mainstream:
    • Raising need-based WC funding;
    • Achieving competitive terms;
    • Lenient security & financial covenants, meeting client expectation without diluting bank’s credit norms

Nuvama Contribution

  • Presented a compelling case for funding by citing turnaround & healthy financial metrics along with strong management credentials
  • Garnered a few interests from banks despite legacy issues
  • Negotiated commercials & covenants with bank

Exclusive Advisor to Agarwal Industries Private Limited (AIPL) for its debt resolution

Deal Highlights

  • Complex case of an old NPA with history of failed OTS resulting in trust deficit amongst stakeholders.
  • Delivered an optimal “Win-Win” solution for all stakeholders through debt assignment to ARC.
    • Upfront Recovery & No incremental sacrifice to lender
    • Fair Price Discovery under Open Auction
    • Amicable resolution avoided legal repercussions for Company & Promoter
    • Addressed funding constraints of borrower

Nuvama Contribution

  • Created perfect bridge between lender and borrower by rebuilding trust amongst themselves which helped us consummating the transaction
  • Negotiated with all stakeholders to provide best fit solution
  • End to end handholding of the Company on all transaction related matters

Exclusive Financial Advisor for Kuantum Papers Limited (KPL) for its debt consolidation and interest cost rationalization exercise

Deal Highlights

  • The Company posted remarkable turnaround post FY21 attributing to industry upswing, pent up demand post Covid & benefit from cost efficiency from its brownfield project
  • To streamline debt structure and cost efficiency, KPL along with Nuvama team, has undertaken debt consolidation and refinance exercise to achieve –
    • Optimization in interest rates
    • Reduction in number of lenders
    • Induction of strong lender to support its growth in future
  • Nuvama facilitated sanction by new lender to refinance debt of its 3 existing lenders at competitive terms
  • This new facility has now created commercial benchmark for existing lenders

Nuvama Contribution

  • Identified the opportunity at right time and took management on board for the same
  • Negotiated commercials with prospective lenders and remained first point of call for all stakeholders, smoothly navigating the process till closure
  • Strategized framework to approach existing lenders for smooth transition to incoming lender
  • End to end handholding of the Company on all transaction related matters till closure

Left-Lead Book Running Lead Manager to the IPO of DCX Systems Limited

I] TRANSACTION SYNOPSIS

IPO Size ~₹ 5,000 MN
IPO Structure (Primary / OFS) 80% / 20%
Post Issue Dilution ~24.97%
IPO Price ₹ 207
Subscription (QIB / HNI / Retail)* 90.9x / 46.1x / 63.7x
Total number of applications* 17,92,850

II] SELECT ANCHOR INVESTORS AND ANCHOR BOOK

  • ENAM
  • Factorial
  • HDFC MF
  • Millennium
  • Motilal Oswal MF + AIF
  • MK Ventures
  • Theleme Partners

III] DEAL HIGHLIGHTS

  • DCX Systems Ltd, a preferred Indian Offset Partner for foreign OEMs for executing aerospace and defence manufacturing projects
  • 3rd highest subscribed IPO in CY2022 – Strong subscriptions across investor pools
  • Company listed at a premium of 38%^
  • Advised the Promoter in Pre-IPO stake Sale
  • We was the left-lead banker to the issue and hand-held the management to ensure quick closure within 10 months from kick-off

For further details, please refer to: www.edelweissfin.com
*Excluding anchor subscription & after technical rejections
^NSE Opening Price is considered

Exclusive financial advisor to the Lagnam Spintex Limited

Deal Highlights:

  • Augmented project finance for brownfield expansion of spinning capacities of the Company for installation of additional ~41,500 spindles for manufacturing of compact cotton yarn with total capital outlay of Rs. 2,180 Mn.
  • This proposed expansion would increase the Company’s capacity more than two-fold and would improve economy of scale
  • The facilities were arranged at competitive terms from the lenders with fine spread over banks’ 1 Year MCLR rates, optimal security covenants and capital mix

Nuvama Contribution

  • Facilitated induction of new lenders along with existing banker to secure best benchmark terms and conditions
  • Secured sanctions of almost 3 times of the funding requirement, which helped achieve optimal funding structure for the project
  • Prepared detailed Information Memorandum and satisfactorily addressed credit queries for lenders with suitable capital structuring
  • Played pivotal role in coordinating with the lenders and all external agencies and remained their first point of contact

Manager to the Open Offer for Acquisition of stake by Anupam Rasayan India Limited in Tanfac Industries Limited

Deal Highlights:

  • Anupam Rasayan India Limited (ARIL) acquired 24.96% of the equity share capital of Tanfac Industries Limited (TIL) through SPA from Birla Group Holdings Private Limited (BGHPL), Pilani Investment and Industries Corporation Limited (PIICL) and Mr. Askaran Agarwala (jointly, members of Promoter & Promoter Group).
  • ARIL acquired joint control over TIL via entering into amendment to the JV agreement with Tamil Nadu Industrial Development Corporation (TIDCO) and became the promoter of TIL along with TIDCO.
  • Acquisition of stake in TIL by ARIL is a strategic decision to expand the product series under the fluorination chemistry of ARIL. TIL brings synergies in the form of backward integration.

Our Contribution:

  • We managed the entire open offer process, guided the Anupam team on key aspects of the deal and ensured timely approval from SEBI, thereby ensuring timely completion

Exclusive Process Advisor to Resolution Professional of Rohit Ferro Tech Ltd., (‘RFTL’) under IBC

Deal Highlights:

  • Acquisition of controlling stake (90%) in RFTL under IBC process by Tata Steel Mining Ltd. (‘TSML’), a wholly owned subsidiary of Tata Steel Ltd.
  • TSML has funded ₹ 6,171 mn towards – settlement of admitted claims of ~₹42,000 mn from financial & operational creditors & CIRP cost
  • Additional ₹ 1,640 mn would be infused by TSML towards capex & operations
  • Financial creditors would also be issued 10% equity towards part conversion of their debt
  • Resolution Plan was approved with 100% voting share of Committee of Creditors (‘CoC’)
  • 5 bidders had submitted their Resolution Plan for RFTL

Our Contribution:

  • Identified potential investors & generated strong bidder participation despite COVID induced challenges
  • Assisted RP w.r.t finalization of Evaluation Matrix & RFRP, analyzing Resolution Plans
  • Assisted RP in carrying out evaluation/assessing the commercial feasibility & viability of Resolution Plans
  • Facilitated negotiation strategy with RP / COC for maximization of bid value & transaction structure