Cyril Amarchand Mangaldas advised the Arrangers and dealers to the existing USD 7 billion global Medium Term Note programme (MTN Programme) of REC Limited, namely, BNP Paribas, DBS Bank Limited, MUFG Securities Asia Limited, State Bank of India (London Branch) and Standard Chartered Bank (collectively the "Dealers"), on the annual update to the MTN Programme.

The net proceeds from each issue of the Notes under the MTN Programme are to be used by REC Limited to finance the power infrastructure projects in India, or to refinance existing borrowings extended to such projects in accordance with the approvals granted by the RBI from time to time, and in accordance with the ECB Guidelines.

The Capital Markets Practice of Cyril Amarchand Mangaldas advised the Merchant Bankers on the matter. The team was led by Gokul Rajan, Partner & Regional Head Markets Practice (North); with support from Chinar Gupta, Associate; and Iti Mishra, Associate.

REC Limited's MTN Programme is listed at the Singapore Exchange Securities Trading Limited, the London Stock Exchange's International Securities Market (ISM), the India International Exchange (IFSC) Limited, and the NSE IFSC Limited, by way of offering circular dated September 8, 2022.

Other Parties and Advisors to the transaction included REC Limited (Issuer); Allen & Overy (asia) Pte Ltd (acted as International legal counsel for REC Limited); and Linklaters Singapore Pte. Ltd (acted as International legal counsel for Dealer).

The update of the MTN Programme was completed on September 9, 2022.

Cyril Amarchand Mangaldas

Verdictum News Desk