ECL Finance has completed its debut overseas issue of ₹5.02 billion (US$75 million) in 9.05% rupee-denominated US dollar-settled senior secured notes, known as masala bonds. The unrated bonds are proposed to be dual listed on the Singapore Exchange and the Stock Exchange of Mauritius.
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ECL Finance is a subsidiary of Edelweiss Financial Services, a diversified financial services company in India providing a broad range of financial products and services. ECL Finance provides credit services and is registered as a non-banking financial company.
Legal counsel: A team from Baker & McKenzie in Singapore, led by debt capital markets principal Pallavi Gopinath Aney with assistance from senior associate Jitesh Shahani, advised the joint lead managers. Khaitan & Co represented ECL Finance as counsel on Indian law. The team comprised partners Sudhir Bassi, Nikhilesh Panchal and Manisha Shroff, principal associate Vaibhav Mittal and associate Hemant Kothari.
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