Dhir & Dhir has advised the National Housing Bank on the second tranche of its public issue of tax-free bonds, valued at ₹10 billion (US$164 million). The bonds are secured, redeemable, non-convertible debentures with benefits under section 10(15)(iv)(h) of the Income Tax Act, 1961.
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The bond issue was subscribed five times on its opening day on 7 March. The base issue size was ₹2.5 billion with the option to retain over-subscription up to ₹10 billion. The issue closed on 11 March.
Girish Rawat, an associate partner at Dhir & Dhir, led the firm’s banking and capital markets team in advising the National Housing Bank and the lead managers on the tranche. Rawat was joined by senior associate Guranpreet Sarna and associate Malvika Tayal.
Edelweiss Financial Services, Axis Capital and RR Investors Capital Services acted as the lead managers on the bond issue.
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