Blue Star issues maiden unsecured NCDs

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Khaitan & Co acted as transaction counsel to air conditioning and refrigeration company Blue Star in relation to their maiden issuance of rated, listed, unsecured, redeemable, non-convertible debentures aggregating to US$46.9 million on a private placement basis.

The Hongkong and Shanghai Banking Corporation and Axis Bank acted as arrangers of the issue. The issue was undertaken under the Reserve Bank of India’s targeted long-term repo operations. The firm was represented by executive director Sudhir Bassi and counsel Vaibhav Mittal.