Capri Global Capital Limited, operating as Capri Loans, has completed its debut Capri Loans $300 million bond issuance — marking the NBFC’s first-ever foray into offshore dollar debt capital markets. Four law firms — Khaitan & Co, TT&A, Mayer Brown and Linklaters — advised on the transaction across both issuer and arranger sides. The notes will be listed on India INX and NSE IX in GIFT City.
Introduction
Capri Global Capital Limited (dba Capri Loans) issued $300 million in aggregate principal amount of 7.55% fixed rate senior secured notes due 2029 under its $1 billion Global Medium Term Note (GMTN) Programme. The notes were issued under Regulation S and Rule 144A of the U.S. Securities Act, 1933, and will be listed on India INX and NSE IX within the IFSC GIFT City framework. This transaction represents Capri Loans’ maiden issuance of offshore dollar bonds under its GMTN Programme.
The arrangers for the transaction were Barclays Bank PLC, Deutsche Bank AG, Singapore Branch, Citigroup Global Markets Limited, Emirates NBD Bank PJSC, and UBS AG Singapore Branch. The notes carry a coupon of 7.55% per annum and mature in 2029. Further details on use of proceeds were not disclosed.
Deal Value
Capri Loans raised $300 million through this issuance of 7.55% fixed rate senior secured notes due 2029, under its overarching $1 billion GMTN Programme.
Legal Teams Involved
Khaitan & Co — Indian Counsel to Capri Loans
Khaitan & Co advised Capri Loans on the bond issuance. The core transaction team was as follows, with a dedicated sub-team handling direct tax aspects:
- Manisha Shroff — Partner
- Mohit Nad — Counsel
- Aparna Arya — Senior Associate
- Nandini Arya — Associate
Direct tax aspects were handled with assistance from:
- Sneh Shah — Partner
- Pal Jain — Associate
Mayer Brown — International Counsel to Capri Loans
Mayer Brown acted as the International Counsel for Capri Loans. Further details of the Mayer Brown team members were not disclosed.
TT&A — Indian Counsel to the Arrangers
TT&A advised the arrangers — Barclays Bank PLC, Deutsche Bank AG, Singapore Branch, Citigroup Global Markets Limited, Emirates NBD Bank PJSC, and UBS AG Singapore Branch — on the issuance. The transaction team was:
- Rahul Gulati — Partner
- Priyanka Kumar — Partner
- Sahil Kataria — Managing Associate
- Medha R. Lakshmi — Associate
Linklaters — International Counsel to the Arrangers
Linklaters acted as International Counsel to the arrangers. The transaction team was:
- Amit Singh — Partner, Head of the India Practice and Head, South and South East Asia Capital Markets
- Xunming Lim — Partner
- Anandee Banerji — Managing Associate
- Cheryl Kwok — Trainee Associate
- Geeta Vasnani — Trainee Associate
Significance and Impact
This transaction is significant as it marks Capri Global Capital’s debut in the offshore dollar bond markets — a milestone for an Indian NBFC seeking to diversify its funding base beyond domestic sources. By listing on both India INX and NSE IX within GIFT City’s IFSC framework, the issuance leverages India’s growing international financial centre infrastructure to access global investors. The involvement of a five-bank arranger consortium spanning the UK, Germany, the US, UAE, and Singapore underscores the global appetite for this paper.
The oversubscription of the issuance — with an order book exceeding $700 million across 64 accounts — demonstrates strong international investor confidence in the Indian NBFC sector. The dual-counsel model on both sides, pairing Indian law firms with international counsel, reflects the complexity of cross-border Reg S / Rule 144A issuances. The transaction also sets a precedent for other mid-sized Indian NBFCs looking to tap offshore debt markets through the GMTN route.
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Khaitan & Co, TT&A, Mayer Brown, and Linklaters have collectively steered Capri Loans’ landmark $300 million debut offshore bond issuance to a successful close. The transaction — structured under the company’s $1 billion GMTN Programme and listed in GIFT City — signals a new chapter in Capri Global Capital’s international capital markets strategy. As Indian NBFCs increasingly look to global debt markets for diversified funding, deals of this nature are set to become more frequent benchmarks for the sector.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
