Shubhangi Garg is a partner with the debt capital markets and banking & finance practice group of the Firm.

She specialises in debt capital markets, structured finance and Fintech. She has extensive experience in syndicated loans, foreign currency financing and convertible loans, acquisition finance, debt investments by foreign portfolio investors, and listed NCD issuances by InvITs and REITs. She also has experience in advising on private equity and foreign direct investment in the Fintech and payments space and routinely advises Indian and international corporates on the regulatory framework governing digital payment products.

Shubhangi has worked with Nagashima Ohno & Tsunematsu, Tokyo in 2016 on a short stint. She was recognized as one of India’s top 40 lawyers by Business World’s BW Legal World 40 Under 40 Awards in 2020, as India’s Rising Star in the Banking and Finance Space by Asian Legal Business, 2019 and as one of the leading ‘Next Generation Lawyers’ in the banking and finance space, in India, by the Legal 500 series for two consecutive years in 2016 and 2017. She was recognized by as a Notable Practitioner in Banking Finance and Debt Capital Markets by IFLR1000 Asia Pacific 2021 & 2024.

She holds a Bachelor’s degree in Law from ILS Law College, Pune and has been with the firm since 2008.

Shubhangi has advised various Fortune 500 companies, banks, international financial institutions and global investment banks on a wide variety of matters, including:

Select  Experience Statement

• Advised Mindspace Business Parks REIT on every single debt issuance by the group including the first market linked principle protected NCD offering by a REIT in India
• Advised Continuum Energy Levanter Pte Ltd in connection with the issuance of USD 561 million bonds
• Advised ACME Solar in connection with issuance of USD 340 million bonds
• Advised Farallon Group in connection with structured debt investments in India including ₹ 1875 crore issuance to the Emami Group
• Advised on the issuance of NCDs by India Infrastructure Trust, sponsored by Brookfield, for ₹ 6,370 crore to part finance its acquisition of the East West Pipeline, from the Reliance group
• Advised Bank of America, Merrill Lynch & Farallon Capital, in connection with the issuance of listed NCDs worth ₹ 850 crore issued by Hindustan Power Projects Limited
• Advised International Finance Corporation (IFC) in connection with issuance of listed and unlisted NCDs by Mahindra & Mahindra Finance Group, Axis Bank, Janalakshmi Group & Cube Highways, on a private placement basis
• Acting as arranger’s counsel on listed non-convertible debenture issuances by Bharti Airtel Limited and Bharti Telecom Limited worth ₹ 5,600 crore.

A detailed experience statement can be shared on a confidential basis.

Professional Memberships

• Bar Council of Delhi

Education

• B.S.L. LL.B, ILS Law College, Pune