Shardul Amarchand Mangaldas advises on INR 2,300 crore refinancing of Jayaswal Neco Industries Limited

January 8, 2026

Shardul Amarchand Mangaldas & Co. (“SAM”) advised a consortium of NCD investors and a working capital lender on a twin financing of INR 2,300 crore to Jayaswal Neco Industries Limited. The NCD investors include Tata Capital Limited, Investec, DSP Finance Private Limited, Nippon India Credit Opportunities AIF, Piramal Finance Limited, Vivriti Funds, Hero FinCorp Limited, Oxyzo Financial Services Limited, Kotak Mutual Fund and Arka Fincap, and Kotak Mahindra Bank Limited is the working capital lender. Vistra ITCL acted as the debenture trustee / security trustee in relation to the financings.

The transaction involved the subscription by the NCD Investors to unlisted, secured, non-convertible debentures aggregating INR 1,800 crore, with the balance existing indebtedness refinanced through internal accruals. In parallel, Kotak Mahindra Bank Limited extended INR 500 crore in working capital facilities. The facilities were secured by first-ranking pari passu charges over the borrower’s movable and immovable assets, supported by personal guarantees from the promoters, with the NCDs additionally secured by an exclusive pledge over identified promoter shareholding. The twin deals are significant as it is the 2nd refinancing for JNIL post its restructuring of debt, with significant reduction in interest rates, improvement in credit rating and a re-entry into the banking system. The deal reflects that restructuring of debt outside of formal insolvency process and with the cooperation of existing promoters can indeed be successful.

The SAM team advising on the transaction was led by Veena Sivaramakrishnan, Partner – Co – Head Banking and Finance Practice and Dhananjai Charan, Partner, with support from Yash Kahandole, Principal Associate; Sneha Rao, Senior Associate; Disha Khandelwal, Associate and Karina Katrak, Associate. The additional team supporting on Due Diligence included Aditya Malhotra, Partner; Mihir Deshmukh, Partner; Abhijeet, Principal Associate; Anuj Loya, Senior Associate; Hrishikesh Gayakwad, Associate and Shamik Gupte, Associate.