DSK Legal advised on the issuance of senior, secured, unlisted, redeemable optionally convertible debentures (OCDs) and non-convertible debentures (NCDs) by Kolors Healthcare to Piramal Alternatives India Credit Opportunities Fund II, on a private placement basis. The firm acted as common counsel through two separate teams — one for each party. The investment was announced on 26 August 2026.
Introduction
DSK Legal acted as common counsel, through two separate teams, for (i) Kolors Healthcare India Private Limited and Kolors Healthcare LLP (collectively, “Kolors“); and (ii) Piramal Alternatives India Credit Opportunities Fund II (“Piramal“).
DSK Legal teams advised and assisted in the issuance of senior, secured, unlisted, redeemable, optionally convertible debentures (OCDs) and non-convertible debentures (NCDs) by Kolors to Piramal, on a private placement basis.
As counsel to Piramal, the scope of work of DSK Legal included: drafting, reviewing, revising, negotiating and finalising documents in relation to the issuance of OCDs and NCDs — specifically, a debenture trustee appointment agreement, debenture trust deed, debenture subscription agreement, offer documents, call and put options agreement, and security documents — as well as advising and assisting on legal matters concerning the execution and closing of the transaction documents.
As counsel to Kolors, the scope of work of DSK Legal included undertaking due diligence on the business and affairs of Kolors, and reviewing, negotiating and finalising the transaction documents, advising and assisting on legal matters concerning the execution and closing of the transaction documents.
Deal Value
The transaction was valued at INR 215 crore. This translates to INR 2,15,00,00,000 (Indian Rupees Two Hundred and Fifteen Crores).
Legal Teams Involved
DSK Legal served as common counsel to both parties through distinct, separately constituted teams.
Team Advising Piramal Alternatives India Credit Opportunities Fund II
- Ms. Roochi Loona — Partner
- Ms. Garima Khare — Senior Associate
- Mr. Sameksh Shetty — Associate
- Mr. Hemang Mankar — Associate
- Mr. Aayush Ambasht — Associate
Mr. Anjan Dasgupta (Partner) acted as the relationship partner for Piramal and provided strategic inputs.
Team Undertaking Vendor Due Diligence on Kolors
- Mr. Hemang Parekh — Partner
- Ms. Sonali Tiwari — Senior Associate
- Ms. Fatma Taj — Associate
- Ms. Khushi Dadia — Associate
- Mr. Aasil Singh — Associate
- Ms. Naina Lodha — Associate
Team Advising Kolors Healthcare on the Transaction
- Mr. Hemang Parekh — Partner
- Ms. Sonali Tiwari — Senior Associate
- Ms. Sriya Ray — Associate
Mr. Hemang Parekh (Partner) also acted as the lead engagement partner and the relationship partner for Kolors.
Significance and Impact
Kolors is engaged in the business of providing weight loss management, obesity management, skin care, beauty services, hair care and related wellness services under the ‘Kolors Healthcare’ brand through its branches and clinics across India. The investment, made through Piramal Alternatives’ India Credit Opportunities Fund II (PCF II), will support Kolors Healthcare’s next phase of growth, including the expansion of its clinic network, enhancement of existing infrastructure, diversification of its service portfolio, and the strategic transformation of its centres under the “Kolors 2.0” initiative.
The structure of the transaction is notable on several counts. The simultaneous issuance of both OCDs and NCDs, on a private placement basis, provides Kolors with a layered debt instrument structure — combining the optionality of conversion with the fixed-income certainty of non-convertible paper. The dual-team, single-firm common counsel arrangement by DSK Legal also reflects a sophisticated conflict-managed advisory model, with clearly demarcated scopes covering investor-side documentation, issuer-side due diligence, and transaction advisory for each party.
Piramal Alternatives’ India Credit Opportunities Fund II is sector-agnostic and invests in mid-market corporates with a time horizon of 3–4 years. The investment further strengthens Piramal Alternatives’ track record of partnering with mid-market businesses and providing tailored capital solutions to support growth, transformation and value creation.
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The investment marks a significant milestone in Kolors Healthcare’s growth journey and is expected to accelerate the company’s expansion, strengthen its existing network, upgrade centre infrastructure and broaden its portfolio of wellness and preventive healthcare services. DSK Legal’s dual-team mandate across both issuer and investor underscores the firm’s depth in structured debt and capital markets transactions. Further details regarding the tenure or coupon terms of the debentures were not disclosed.
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.
