S&R Associates represented UltraTech Cement Limited, the listed cement flagship company of the Aditya Birla Group, in its INR 50 billion issuance of listed non-convertible debentures on a private placement basis.
The S&R team was led by partner Kinnari Sanghvi, and included associates Manan Sheth and Nikita Mohapatra.
For reference, please see the stock exchange announcement below in relation to the transaction:
https://nsearchives.nseindia.com/corporate/ULTRACEMCO1_03082026115919_SE_Letter_-_NCD_allotment.pdf