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Recent mandates

Mandates that show how we think.

Illustrative engagements from the practice. Client identities are withheld; the structuring discipline is not.

Case study 01

Land-stage funding for a premium Baner development

Real Estate · ~₹50 Cr · Pune
The situation

A reputed developer had identified a parcel in Baner suitable for a premium residential development. The land deal required ~₹50 Cr at the acquisition stage — capital-intensive, pre-revenue, and ahead of any project approvals. Traditional construction-finance lenders were not the natural fit at this stage.

The structuring

We mapped the deal against lenders with explicit land-stage appetite, structured the LTV against a stress-tested valuation, and designed a tranching schedule that aligned with the approvals timeline. Collateral architecture was layered to preserve flexibility for the construction-finance tranche to follow.

The outcome

The mandate moved from initial diagnosis to lender-ready proposal at speed, with terms that did not lock the developer out of the construction-stage refinancing they would need 18–24 months later. Structure first; signature next.

Case study 02

Hinjewadi project — debt structuring for a large-format development

Real Estate · ~₹45 Cr · Pune
The situation

A developer with strong execution track record was assembling capital for a large-format project in the Hinjewadi IT corridor — over one lakh square feet of inventory, mixed-use exposure, and a complex absorption assumption. The deal needed ~₹45 Cr structured around the build-out schedule.

The structuring

We evaluated single-lender versus syndicated options. The build profile and cash-flow timing made a layered approach more durable. We designed a senior tranche with a complementary structured layer, draw-linked to construction milestones rather than calendar dates.

The outcome

The structure absorbed the inevitable slippage that large developments incur, without triggering covenant breaches. The developer retained working flexibility while the lenders retained risk discipline.

Case study 03

Stressed-asset restructuring — distressed leisure-club mandate

Workout · Strategic structuring · Confidential
The situation

A leisure-and-hospitality asset (high-end club) carried debt that the underlying cash flow could no longer service. Options on the table were straightforward sale, partial sale to a strategic investor, or a fresh capital structure built around a turnaround thesis.

The structuring

We modelled each pathway as a distinct deal structure — sale-and-leaseback, strategic-investor partnership, and refinance with operational covenants. Term sheet comparisons were built side-by-side so that the decision was about strategy, not paperwork.

The outcome

The promoter group made a clear-eyed decision with the trade-offs explicit. The advisory value sat as much in framing the choice as in arranging the eventual capital.

Case study 04

Capex-heavy manufacturer — machinery and working capital stack

Manufacturing · Term loan + WC · Mid-market
The situation

A mid-market manufacturer with a growing order book needed both machinery financing and an expanded working capital line. The existing banking relationships were not structured to take the consolidated view — and were quoting against each other rather than collaborating.

The structuring

We rebuilt the documentation around a consolidated credit story, structured the machinery term loan to match production-line ramp-up, and re-sized the working capital limits to actual receivable cycles rather than legacy assumptions.

The outcome

Funding cost came down. Operating headroom went up. The promoter spent less time managing lender relationships and more time managing the business — which is the right ratio.

Your mandate could be next.

If any of these patterns rhyme with your situation, let's talk. The earlier in the structuring conversation we engage, the more leverage there is in the outcome.

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