TT&A was the Indian legal adviser to (a) certain investors; and (b) SBICAP Trustee Company Limited acting as the debenture trustee, in connection with the issue of up to (i) senior, secured, rated, listed, redeemable, non-convertible debentures of a nominal value of INR 1,000,000, aggregating to not more than INR 15,150,000,000 by Yedeshi Aurangabad Tollway Limited (“YATL”) in 2 tranches; and (ii) senior, secured, rated, listed, redeemable, non-convertible debentures of a nominal value of INR 1,000,000, aggregating to not more than INR 5910,000,000 by Solapur Yedeshi Tollway Limited (“SYTL”) in 2 tranches (collectively, the “Debentures”). This is one of the first listed debenture issuances by a toll-road Project SPV with a AAA credit rating, fixed interest rate and a bullet redemption structure for repayment.

TT&A Team: Rahul Gulati & Priyanka Kumar – Partners; Nikita Agarwal and Sahil Kataria – Associates