Shardul Amarchand Mangaldas & Co. advises SBI Capital Markets Limited

July 3, 2020

Shardul Amarchand Mangaldas & Co. advised on setting up an SPV for implementing the Special liquidity Scheme (SLS) for NBFCs and HFCs introduced by the Ministry of Finance, Government of India pursuant to approval of the SLS by the Union Cabinet on May 20, 2020. SLS has been set up to provide short-term liquidity support to the eligible NBFCs and HFCs to augment their lending powers and to deal with their existing liabilities. The deal is valued at approx. INR 30,000.00 crores. The date of notification of SLS by Reserve Bank of India was July 1, 2020.

The transaction is one of its kind and is aimed at augmenting the liquidity position of NBFCs and HFCs in these difficult pandemic times with a view to avoid potential systemic risk in the financial sector.

The transaction team was led by Veena Sivaramakrishnan, Partner; Nikhil Naredi, Partner; Soummo Biswas, Partner; Shivani Sinha, Principal Associate; Sagar Manju, Principal Associate; Devesh Khara, Senior Associate.