SNG & PARTNERS

SNG & Partners represented investors and the debenture trustee in relation to the issuance of rated, listed, senior, secured, redeemable, taxable, transferable non-convertible debentures (NCDs) aggregating to a total of INR 500 Crores by Lodha Developers Limited, formerly known as Macrotech Developers Limited (Lodha Developers), one of India’s largest and most prominent real estate developers. The NCDs were issued in two issuances comprising (i) 20,000 debentures of face value INR 1,00,000 each, and (ii) 30,000 debentures of face value INR 1,00,000 each, aggregating to INR 500 crores. The debentures were privately placed and subsequently listed on the stock exchange, marking a significant capital mobilisation by the company. The issuances attracted participation from some of India’s most prominent and sophisticated institutional investors, including a leading mutual fund and a major private sector bank—underscoring strong market confidence in the company’s performance and governance standards. Lodha Developers is a key player in India’s real estate sector with a diversified and expansive portfolio spanning residential, commercial, and mixed-use developments. With a strong footprint in core urban markets such as Mumbai, Pune, and Bangalore, Lodha Developers is known for delivering high-quality developments under marquee brands such as “Lodha,” “CASA by Lodha,” and “Crown – Lodha Quality Homes”. Lodha Developers’ vision and execution continue to shape the urban real estate landscape in India. The funds raised through this issuance are intended to be utilised towards Lodha Developers’ capital expenditure, refinancing of existing debt, meeting long-term working capital requirements, and general corporate purposes—forming an integral part of the company’s broader strategy to optimise its capital structure and fuel future growth. SNG & Partners acted as legal counsel to the investors and the debenture trustee, advising on all aspects of the transaction including structuring of the issuance, drafting, reviewing, and negotiating the transaction documents, conducting legal due diligence, and overseeing regulatory compliances leading to successful listing of the debentures on the stock exchange. The transaction was led by Aditya Vikram Dua (Partner & Head – Financial Services), with Aniket Sawant (Associate Partner), Parvathi Menon (Senior Associate), Kartikeya Rao (Associate) and Prashant Dubey (Associate) forming the core team that provided end-to-end legal support and seamlessly executed the transaction within tight timelines. This transaction further reinforces SNG & Partners' deep-rooted capabilities and experience in the debt capital markets space and its commitment to delivering high-quality, solution-oriented legal services in complex financing transactions.

SNG & Partners has advised UGRO Capital Limited, a prominent DataTech NBFC focused on MSME lending, on its successful capital raise aggregating ₹1,315 crore through a rights issue and a preferential allotment. The ₹400 crore rights issue and ₹915 crore preferential issue form a critical component of UGRO’s broader capital augmentation plan aimed at strengthening its balance sheet, enhancing liquidity, and supporting future growth across secured lending segments. The fundraise also positions UGRO to meet regulatory capital adequacy requirements and diversify its investor base. SNG & Partners advised UGRO on all legal and regulatory aspects of the capital raise, including drafting and finalisation of the Letter of Offer, assisting with shareholder and board approval processes, handling SEBI and stock exchange compliances, and providing inputs on structuring and procedural matters. The transaction was led by Amit Aggarwal, Managing Partner – Corporate & Non-Contentious Practice, who oversaw the strategic legal execution. The team comprised Aditya Vikram Dua, Partner and Head of Financial Services, Devyani Dhawan, Counsel, and Chandra Shekhar Mishra, Associate Partner, with support from Mohit Goyal, Yash Dogra, Carishma Bhargava, and Hemant Bohra.

SNG & Partners has advised UGRO Capital Limited, a leading listed DataTech NBFC focused on MSME lending, on its proposed acquisition of Profectus Capital Private Limited from global private equity fund Actis for an all-cash consideration of ₹1,398.6 crore. This strategic acquisition forms a key pillar of UGRO’s long-term growth plan, enabling it to significantly scale its secured lending portfolio and expand into new lending segments such as school and education finance. The transaction is expected to add approximately ₹150 crore in annualised profits and unlock operational synergies worth ₹115 crore. Additionally, the acquisition will enhance UGRO’s geographic reach and deepen its presence in India’s MSME lending sector. SNG & Partners provided end-to-end legal support on the transaction, including confirmatory legal due diligence, drafting and negotiation of transaction documents, advising on regulatory and structuring aspects, and handling shareholder and board approvals. The transaction is subject to customary regulatory and shareholder clearances. Amit Aggarwal, Managing Partner – Corporate & Non-Contentious Practice, led the transaction, offering strategic oversight. The core team comprised Aditya Vikram Dua, Partner and Head of Financial Services, Devyani Dhawan, Counsel, and Chandra Shekhar Mishra, Associate Partner, supported by Mohit Goyal and Carishma Bhargava.

Mumbai, Xx March, 2025: SNG & Partners has been engaged by Volaron Tech Private Limited to provide end-to-end legal services for the establishment and expansion of its insurance distribution business. The firm’s role spans key areas, including shareholder agreements, funding, IRDAI Corporate Agency License, product structuring, negotiation of distribution deals with insurers, setting-up governance frameworks, and regulatory compliance. SNG & Partners assisted Volaron Tech in drafting and negotiating a shareholders' agreement and pre-Series A funding. Further, the firm guided Volaron Tech through the incorporation process, ensuring compliance with regulatory requirements and advising on obtaining the necessary corporate agency license for the insurance distribution business. Additionally, SNG & Partners played a crucial role in structuring innovative insurance products and negotiating distribution agreements with leading insurers to strengthen Volaron Tech’s market presence. To ensure regulatory adherence and operational efficiency, SNG & Partners developed a comprehensive governance and compliance framework for Volaron Tech. The firm continues to provide strategic support to facilitate the company's sustained growth. The transaction team at SNG & Partners included Mr. Ravi Bhadani, Partner; Ms. Niharika Dungrakoti, Senior Associate; Ms. Tripti, Associate; and Ms. Aditi Singh, Associate. About SNG: SNG & Partners was established in 1962, SNG & Partners itself as a full-service law firm of considerable repute across the country, SNG has broadened its professional bandwidth as well as strengthened and extended its geographical foothold with offices in Ahmedabad, Chennai, Hyderabad, Coimbatore, Cochin, and Madurai (https://sngpartners.in/)

SNG & Partners has successfully advised and assisted Indian multinational conglomerate Patanjali Ayurved Limited in negotiating a Share Purchase Agreement to acquire a majority stake of 73.555% in Magma General Insurance (formerly known as Magma HDI General Insurance Company Limited). Additionally, DS Group is acquiring the remaining 24.5% equity shares in the company. The stake sale has valued the Company at Rs 4,500 Crore. Prior to this acquisition, the majority shareholders of Magma General Insurance were Sanoti Properties LLP, Celica Developers Private Limited, and Jaguar Advisory Services Private Limited. This transaction marks a significant milestone in the insurance sector, reinforcing Patanjali Ayurved Limited’s expansion into the financial services domain.   The transaction team at SNG & Partners was led by Mr. Ravi Bhadani (Partner), with invaluable support from Ms. Niharika Dungrakoti (Senior Associate), Ms. Ayushi Parnami (Senior Associate), Mr. Mohit Goyal (Associate), and Ms. Tripti Sharan (Associate). Their expertise and strategic advisory played a crucial role in successfully navigating the complex negotiations and regulatory processes involved in the transaction.

SNG & Partners advised a large global multinational bank in India in relation to green loan facilities amounting to INR. 200.00 Crores sanctioned to Vikas Telecom Private Limited for its green project “Embassy Tech Village” at Bengaluru. SNG provided legal advisory, documentation support and assisted in negotiating and finalizing the facility and security documents. SNG team coordinated well with the lender, existing lenders and the borrower to finalize documents in a timely manner. The transaction was advised by Mr. Ashok Sathyanathan (Partner), Ms. Hetal Sheth (Associate Partner), Ms. Saloni Shah (Associate), Mr. Arnab Das (Associate) and Ms. Vidhi Shah (Associate).

SNG & Partners acted as the legal counsel to the JM Financial Group entities in subscription of 1350 Senior, Secured, Unrated, Unlisted Redeemable Non-Convertible Debentures of INR 10,00,000 each aggregating to INR 135 crores, issued by Flash Capital Private Limited on a private placement basis. The firm also acted as the legal advisor to JM Financial Group entities in relation to the modification of the terms of the existing debentures aggregating to INR 40,00,00,000/- issued by Flash Capital Private Limited. The firm provided comprehensive legal advice on the transaction including but not limited to the drafting, reviewing, negotiation and finalization of transaction documents. The transaction team consisted of Anju Gandhi (Partner), Rashmi Raveendran (Associate Partner) and Prateek Mohnot (Senior Associate). SNG & Partners had previously advised JM Financial Group entities in subscription of unrated, unlisted, senior, secured, redeemable, non-convertible debentures aggregating to INR 40,00,00,000/- issued by Flash Capital Private Limited.  

SNG & Partners acted as the legal counsel to the investors in relation to the issuances of secured, rated, listed, redeemable, non-convertible debentures of an amount aggregating INR 1100,00,00,000 by DLF CYBER CITY DEVELOPERS LIMITED. DLF Cyber City Developers Limited (Company) is a flagship company in the DLF Group which is engaged in the business of development of commercial properties and has built a strong asset base of leased assets. The Company also functions through its subsidiaries for leasing and operations of office / commercial space, IT / ITES / SEZ, IT parks, premium and luxury malls, and management of these assets. The Company has operational leasable area of 14.49 million sq. feet (msf.) of offices & retail space. At group level, the Company has 44.97 msf. operational area, including an area of 5.39 msf.  under development through its wholly owned subsidiaries. The firm provided comprehensive legal advice on the transaction including but not limited to the reviewing, negotiation and finalization of transaction documents and subsequent listing of the debentures on the stock exchange. The transaction team consisted of Aditya Vikram Dua (Partner), Aniket Sawant (Principal Associate), Parvathi Menon (Associate) and Aditi Singh (Associate).  

SNG & Partners advised and assisted HDFC Credila Financial Services Limited (HDFC Credila) in raising an estimated amount of INR 2500 crore.HDFC Credila raised the funds in two separate issuances wherein it raised INR 1500 crores approx. from South Korea’s Shinhan Bank (the lender of South Korea’s second-largest financial institution Shinhan Financial Group) and balance from a rights issue. HDFC Credila Financial Services Limited is a non-banking financial company dedicated to education loans. HDFC Credila was earlier a subsidiary of HDFC Limited and came under the HDFC Bank umbrella post merger.  Earlier this year, HDFC Bank had sold a 90 per cent stake in HDFC Credila to comply with regulatory guidelines related to the merger, wherein RBI asked HDFC Bank to pare its stake in the education loan subsidiary to 10 per cent within two years of the merger. The firm advised in structuring and negotiating the terms of the transactions, ensuring compliance with regulatory requirements while optimizing financial outcomes for the client.  Mr. Amit Aggarwal, [Managing Partner – Corporate & Non-Contentious Practice], provided strategic inputs and the transaction team was led by Mr. Aditya Vikram Dua (Partner), along with Devyani Dhawan (Of Counsel), Aniket Sawant (Principal Associate), Ayushi Parnami (Senior Associate) and Rachit Munjal (Senior Associate).