Pleased to announce the closure of QIP transaction of INR 15,000 mn for Sterling and Wilson Renewable Energy Limited

Deal Details

  • Sterling & Wilson successfully closed its maiden QIP that will aid the Company to raise growth capital on the back of repayment of borrowings as it aims to pursue opportunities in the fast-growing solar EPC markets in India and abroad

Contribution

  • Nuvama worked as a resilient partner with the Company to generate investor confidence in the Sterling & Wilson story amidst the recent challenges faced by the Company
  • Nuvama on the back of it’s strong understanding of the space helped showcase the long term global New Energy opportunity and position Sterling & Wilson as its key beneficiary
  • With this QIP, Nuvama has successfully closed the 3rd transaction* w.r.t Sterling & Wilson in last 2 years being the “Banker of Choice”
  • As the left-lead banker, provided end to end hand-holding to the Company including resolving multiple complications given operations in various geographies and ensuring timely launch
  • Nuvama drove early momentum in the Issue and garnered participation from a diverse investor set including pertinent ESG focused funds, Marquee ‘Long Only’ FIIs, Mutual Funds and Domestic Institutional Investors garnering ~50% of QIP demand in terms of amount in a 2 bank syndicate

Nuvama Investment Banking has successfully closed the QIP transaction of INR 7,000 mn for Titagarh Rail Systems Limited

Deal Details

  • QIP helped Company in raising growth capital for funding Company’s working capital requirements and Repayment of Borrowings
  • Offering received an overwhelming response from investors – ~97% of the book was allocated to ‘Long Only’ Investors
  • Deal was launched within record timelines – within 1 month from kick off

Contribution

  • Only Banker to have raised INR 14,500 mn across 2 QIP Transactions in the Railway Manufacturing Space in recent times
  • Nuvama garnered participation from a diverse investor set including Marquee ‘Long Only’ FIIs, Mutual Funds and Insurance Companies
    • Highest number of investors converted
    • Highest number of Long Only investors converted
    • Highest number of New investors converted
  • Nuvama worked closely with the Company through the entire QIP process to ensure smooth and successful closure

Texmaco Rail and Engineering Limited – Nuvama Investment Banking has successfully closed the QIP transaction of INR 7,500 mn for Texmaco Rail and Engineering Limited

Deal Details & Contribution

  • Largest QIP in the Railway Manufacturing Space till date*
  • QIP helped Company in achieving various objectives of raising growth capital for funding Company’s CAPEX plans & Working capital requirements as well as Repay Borrowings
  • Spearheaded demand mobilization
    • Offering received an overwhelming response from investors
    • ~75% of the book was allocated to ‘Long Only’ Investors
  • As the left-lead and post issue banker, hand-held the Company with end-to-end execution, swift regulatory approvals, thereby ensuring timely launch and closure
  • Nuvama garnered participation from a diverse investor set including Marquee ‘Long Only’ FIIs, Mutual Fund and Family Offices
  • Procured 36% of QIP demand in terms of amount in a 3-bank syndicate

Client Testimonial

“Let me take the opportunity to thank the entire Team of Nuvama, who have burnt their mid night oil and put in really a superb effort to make Project Sambhav, really Sambhav. We really appreciate the professionalism shown by your team during the entire fund-raising process. You steered the QIP process on both regulatory as well as marketing front. You were pivotal in leading the discussion with key Domestic Anchor Investors that gave us the confidence to launch the deal. We appreciate your role in making the QIP a huge success”

Pleased to announce the closure of INR 28,245 MN Public Issue of NCDs for Power Finance Corporation Ltd (PFC), this being our fourth public issue of NCDs for PFC.

Deal Details:

  • Tranche I Issue was subscribed 5.6490 times of the Base Issue Size and 0.5649 times of overall Issue size after considering the not banked cases and technical rejection cases
  • The Issue was focused for a longer as well as shorter investment horizon from 3 years to 15 years with yields ranging from 7.45% p.a. to 7.55% p.a.
  • ~64% of the amount of deal for total NCDs allotted was from Category III investors and ~15% of the amount of deal for total NCDs allotted was from Category IV investors and ~9% and ~13% of the amount of deal for total NCDs allotted was from Category I & Category II investors respectively.

Contribution:

  • As Lead Manager, Nuvama hand-held the Company with end-to-end execution, swift regulatory approvals and timely launch of the Issue and managed to garner participation from the investors
  • Nuvama garnered participation from a diverse investor set including Marquee FII and DII investors
  • Nuvama worked closely with the Bank through the entire QIP process including post issue activities to ensure smooth and successful closure

About:

  • Power Finance Corporation Limited, being an NBFC focused on power sector and Company plays a strategic role in the initiatives of the GoI for the development of the power sector in India
  • One of India’s leading public financial institution and a Schedule-A Maharatna Central Public Sector Enterprises (CPSE), focused on the power sector

Exclusive Financial Advisor to Magenta Mobility for Private Equity Fund Raise

Company Highlights:

  • Magenta Mobility is amongst the largest providers of electric mobility solutions for last mile delivery
  • Specializes in the electrification of logistics and last-mile delivery – the journey from a distribution centre to a home or business
  • Presence across seven major cities with 750+ fleet and 35 +charging hubs
  • Has an eco-system approach to provide solutions to all – customers, driver partners, OEMs and financiers
  • Plans to expand their fleet to 4,000 3 & 4 wheelers EVs across the country over the next year

Our Contribution:

  • Exclusive financial advisor to Magenta Mobility, bringing in marquee investors – bp Ventures & Morgan Stanley Infrastructure Partners
  • One of the largest fund raise in the electric mobility space

Exclusive Financial Advisor to HCC Concessions Ltd. for sale of Baharampore Farakka Highways Ltd.

Deal Highlights:

  • HCC Group sold 100% stake in Baharampore Farakka Highways Ltd (BFHL) to Cube Highways and Infrastructure V Pte. Ltd. (Cube Highways) for an enterprise value of INR 13,230 m
  • Apart from the equity valuation of INR 6,770 m, HCC is entitled to an additional earnout of maximum INR 2,640 m contingent on traffic performance, payable by Q3 FY’24 and Q1 FY’25 in 2 tranches
  • We assisted HCC in closing the transaction through effective deal structuring and negotiations to ensure value maximization

About HCC Concessions Ltd.:

  • HCC Concessions Ltd., a subsidiary of HCC Limited, is a leading developer in transport infrastructure concessions
  • BFHL is a subsidiary of HCC Concessions which operates a DBFOT Toll project between Baharampore and Farakka section of NH 12 in the State of West Bengal
  • The 101 km highway connects Kolkata and port of Haldia to North Bengal and North Eastern states of India

Seller Broker to the Offer for Sale by Promoters of Sterling and Wilson Renewable Energy Ltd

Deal Highlights:

  • Sterling and Wilson# is a global pure-play, end-to-end renewable solar engineering, procurement and construction (EPC) and O&M solutions provider
  • Offer was made to comply with minimum public shareholding (MPS) norms
  • Despite market volatility over past 2 weeks prior to deal launch and correction of ~3%^, the issue witnessed a healthy response from investors – Non-Retail Category was oversubscribed ~1.5x of the base offer size

Our Contribution:

  • We hand-held the Promoters through the entire process including optimal deal construct, pricing & timing of the issue and positioning the company to investors
  • This marks our 3rd deal closure in the renewables / power sector within a period of 45 days – Anzen India Energy Trust (InvIT IPO), Inox Green Energy (IPO) and Sterling and Wilson (OFS)
  • This was our second deal w.r.t Sterling and Wilson post advising Reliance Group’s acquisition of stake in the Company

*Broking Services provided through an Associate Company
#Sterling and Wilson Renewable Energy Limited (formerly known as Sterling and Wilson Solar Limited)
^Movement of Nifty 50 between 2 weeks high and low

Lead Manager to the Private Listing of Anzen India Energy Trust

Deal Highlights:

  • Diversified Energy InvIT with an initial AuM of approx. INR 23,000 mn
  • First diversified energy InvIT to be listed in the last 5 years
  • Initial portfolio of 2 transmission projects of 855 ckms followed by ROFO of 12 solar assets of 813 MWp
  • Stable cash flows from Initial Portfolio Assets with minimal counterparty and operational risks
  • Managed by an experienced team with expertise in managing infrastructure assets with strong support from the Sponsor

Our Contribution: Distribution Powerhouse

  • 4th InvIT transaction for us, Making us the ‘Go to Banker’ for InvITs
  • Provided end-to-end client handholding and involved only in the marketing of the issue
  • In a 3-bank syndicate, procured highest share of ~63% by number of investors and ~44% of the total funds raised

Left-Lead Book Running Lead Manager to the IPO of Inox Green Energy Services Limited

I] TRANSACTION SYNOPSIS

IPO Size ~₹7,400 MN
IPO Structure (Primary / OFS) 50% / 50%
Post Issue Dilution ~39.00%
IPO Price ₹ 65
Total number of applications* 1,90,997

II] SELECT ANCHOR INVESTORS AND ANCHOR BOOK

  • ENAM
  • ICICI Prudential MF
  • HDFC MF
  • Birla MF
  • MK Ventures
  • Edelweiss Crossover
  • Driehaus

III] DEAL HIGHLIGHTS

  • Inox Green Energy Services Limited, the only pure play wind power O&M service provider within India to go public
  • We emerged as the ‘Banker of Choice’, being the only common BRLM for both the IPOs launched by the Inox GFL Group in the last decade, demonstrating our philosophy of “Invested in YOU”
    • April 2015 – Inox Wind IPO
    • November 2022 – Inox Green IPO
  • We navigated the Company through critical regulatory nuances and several intricacies providing complete handholding to management team

*Excluding anchor subscription and after technical rejections

Buy Side Advisor to Reliance New Energy Ltd. for Acquisition of 40% stake in Sterling & Wilson Renewable Energy Ltd.

Deal Highlights

  • Reliance New Energy Limited (RNEL) a wholly-owned subsidiary of Reliance Industries Ltd (RIL) has acquired 40.0% stake in Sterling and Wilson Renewable Energy Limited (SWREL)
  • Issue of preferential equity shares to RNEL constituting 15.46% of the post-preferential stake
  • Acquisition of 1.84cr equity shares (representing 9.70% of the post-preferential capital) from Shapoorji Pallonji and Company Private Ltd (SPCPL), a promoter of SWREL (“Tranche 1”)
  • Acquisition of such number of additional equity shares from SPCPL and Khurshed Daruvala, both promoters of SWREL, to ensure 40% shareholding in SWREL after considering the preferential issue, Tranche 1 and shares tendered in the open offer made by RNEL to public shareholders of SWREL

Our Contribution

  • Clear Ideation – we identified the potential of an investment at a very early stage and helped stitch the transaction from inception
  • Structuring the deal to ensure a favorable outcome for the client
  • We managed the entire open offer process and ensured timely approval from SEBI, thereby ensuring timely completion