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Dept Syndication for “Sudharit Hybrid Annuity Project” of INR 15,137 Crores

SBICAPS has successfully acted as the Sole Financial Advisor & Mandated Lead Arranger for the 5 project SPVs of MSIDC,...

Dept Syndication for “Sudharit Hybrid Annuity Project” of INR 15,137 Crores. Infographic showing Deal Summary: Issue Size ₹15,512 Cr, Issue Price ₹326, Issue Period Oct 6-8, 2025. Subscription Details: Overall 1.96x, QIB 3.41x, NII 2.00x, Retail 1.12x. Company Highlights: Third largest diversified NBFC in India with INR 2,334 billion total gross loans. SBICAPS raised ~INR 4.0 Lakh Cr for clients since April 2020.

Deal Summary: Issue Size: ₹15,512 Cr. Issue Price: ₹326. Issue Period: Oct 6 – Oct 8, 2025.

Subscription Details: Overall: 1.96 times, QIB: 3.41 times, NII: 2.00 times, Retail: 1.12 times.

Company Highlights: Tata Capital is the flagship financial services company of the Tata group with a legacy of over 150 years; third largest diversified NBFC in India with Total Gross Loans of INR 2,334 billion as of June 30, 2025; comprehensive suite of 25+ lending products serving over 7.3 million customers.

Market Position: SBICAPS continues to dominate Indian Equity Capital Markets space, raising ~INR 4.0 Lakh Cr. for its clients since April 2020.

SBICAPS has successfully acted as the Sole Financial Advisor & Mandated Lead Arranger for the 5 project SPVs of MSIDC, syndicating aggregate term loan facilities of INR 15,137 Crore for the brownfield development of ~3,517 kms, across various regions in Maharashtra, under ‘Sudharit Hybrid Annuity Project’. The project involves reconstruction / widening of existing roads to standard 2 lane / intermediate lane configuration and upgradation, primarily to concrete pavement. The Projects are envisaged to have a significant impact on the development of the region and improve interconnectivity of district roads in Maharashtra.
A big thank you to all the stakeholders for ensuring smooth execution of loan documents. Special thanks to Asit Ranjan Sikdar, Ravi Malhotra, Nitin Agarwal, Ragini Shrimal, Soumyadeep Roy and Mukesh Khushalani for their immense contributions in making the transactions a success!

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