MV Kini & Co took advantage of the government go-ahead to four major PSUs to issue tax-free bonds, advising National Highway Authority of India (NHAI) on its Rs 10,000 crore ($1.93bn) issue of 28 December 2011.
MV Kini Mumbai managing attorney Ravi Kini and partner Sumit Gupta advised the authority.
Kini said that with this public issue NHAI would launch its first ever tax free bonds issue of Rs 10,000 crores on 28 December 2011.
NHAI had received an overwhelming response from investors and the issue was oversubscribed by nearly three times in the qualified institutional investor category and approximately twice in the high net worth individual category, reported the Economic Times.
Kini commented that it was easier to raise bonds for public entities as opposed to private companies because it was rarer for public entities to default.
The MV Kini team also included principal associates Vidisha Krishnan, Ashish Suman, Nilesh Chandra, senior associate Shailendra Somvanshi, and associates Shailendra Sharma, Puneet Parihar, Harkirat Singh and Bhumika Tripathi.
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