07 October 2022: JSA advised Grip Invest Advisors Private Limited ("Grip") on the listing of its latest alternative investment offering - Securitised Debt Instruments ("SDI") at the National Stock Exchange, Mumbai ("NSE"). The listing of such privately placed SDIs is a significant milestone in the history of alternate investment offerings as it marks several firsts for such instruments:
- st ever SDI to be listed on the NSE
- 1st such instrument to be rated by CRISIL
- 1 st such offering available for 100% individual investor participation
Additionally, this is a socially aware, green investment product with more than 50% of the underlying exposure being based on electric vehicle /battery mobility industry
JSA has acted as counsel for the transaction and has been involved in the structuring and implementation of the transaction, including: (a) on the setting up of the special purpose distinct entity ("SPDE"); (b) advising on the arrangement between the originator and the SPDE, the role of the servicer, nature of the credit enhancements; (c)on the documentation; (d) listing process of the SDIs; and (e) general advice on Indian law and regulations. JSA also conducted a legal due diligence on the lessees in relation to the operating lease agreements which forms the core of these SDIs.
Grip has been at the forefront of offering alternative investment offerings to individual investors. It is playing an integral role in disrupting the alternative investment market by offering not just attractive rewards but also regulatory-compliant instruments, with accessible ticket sizes. Over a period of time, Grip has constantly innovated its investment offerings.
Commenting on the listing, our Equity Partner – Sidharrth Shankar said, "We are delighted to be part of this one of its kind transaction and to have represented Grip. This sets the precedent for the first ever SDI listing on the National Stock Exchange and this success is largely attributable to the perseverance of the team involved in undertaking this landmark exercise."
JSA team comprised of:
Sidharrth Shankar (Equity Partner), Anjana Potti (Partner), Niruphama Ramakrishnan (Partner), Abhishek Ray (Of-counsel), Yashaswee Sarkhel (Senior Associate), Sneh Choudhary, Zahan Kalyaniwalla (Associates), and Shristi Kanchan (Assistant Company Secretary).
About JSA: JSA is a leading national law firm in India with over 380+ professionals operating out of seven offices across India, including Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Mumbai and New Delhi. The Firm's practice organised along service lines and sector specialisation caters to top Indian corporates, Fortune 500 companies, multinational banks and financial institutions, governmental and statutory authorities, and multilateral and bilateral institutions. JSA is recognised as the Indian law firm that led and continues to lead a paradigm shift towards institutionalising and professionalising law firm ownership and management in India.
