04 June 2025: Desai & Diwanji is delighted to have advised Porteast Investment, a promoter entity of the Shapoorji Pallonji Group (“SP Group”), in connection with a landmark ₹286 billion (USD 3.3 billion) financing transaction. This deal marks the largest private credit transaction outside the US to date.

The financing, structured as unrated, unlisted, secured, zero-coupon, redeemable non-convertible debentures, was executed to refinance existing debt and support capital needs across the SP Group. This issuance, exclusively arranged by Deutsche Bank, represents the first large-scale corporate bond placement following changes in Foreign Portfolio Investor (FPI) norms, which now permit offshore investment under the general limit route instead of the more restrictive Voluntary Retention Route (VRR).

“We are delighted to have advised on this marquis transaction which involved a number of stakeholders resulting in complex structuring and negotiations.” said Natasha Treasurywala, Partner at Desai & Diwanji.

Desai & Diwanji acted as legal counsel to the Issuer i.e. Porteast Investment. The deal team was led by Partners Natasha Treasurywala and Shireen Langrana and included Associate Partner Vishal Mali and Associates Poorva Bansal and Harsh Desai, with strategic inputs from Senior Partner Apurva Diwanji.