S&R Associates represented Grasim Industries Limited, a flagship company of the Aditya Birla Group, in its INR 12.5 billion issuance of sustainability-linked non-convertible debentures to International Finance Corporation.
This is the first issuance of sustainability-linked NCDs by Grasim Industries Limited, and is one of the first issuances of non-convertible debt securities by a listed company to a multilateral institution pursuant to Regulation 62A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
The S&R team was led by partner Arpita Garg and counsel Kinnari Sanghvi, and included associates Harshdeep Singh Bedi and Navaneeth Krishnan.
For reference, please see below a press release and stock exchange announcement in relation to the transaction:
https://www.bseindia.com/xml-data/corpfiling/AttachLive/a5c4dd7f-83ea-44c2-98e8-cbe50a451733.pdf