S&R Associates Represented Grasim Industries in ₹12.5 Billion NCD Issuance to IFC
S&R Associates Represented Grasim Industries in ₹12.5 Billion NCD Issuance to IFC
In a landmark move towards sustainable financing, S&R Associates has represented Grasim Industries Limited, a flagship entity of the esteemed Aditya Birla Group, in successfully concluding its issuance of INR 12.5 billion sustainability linked non-convertible debentures (NCDs) to the International Finance Corporation (IFC). This significant transaction marks a pivotal moment in Grasim's journey towards sustainability driven growth.
The investment from IFC, amounting to INR 1,250 Crore (approximately $150 million), represents a strategic infusion of funds to support Grasim's initiatives in the paint manufacturing sector. These Sustainability-Linked NCDs are poised to bolster Grasim's investments in sustainable manufacturing practices, aligning with the company's broader commitment to environmental sustainability.
This milestone transaction is also noteworthy as one of the first issuances of non-convertible debt securities by a listed company to a multilateral institution in accordance with Regulation 62A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Mr. H K Agarwal, Managing Director of Grasim Industries Limited, expressed appreciation for the investment from the International Finance Corporation (IFC), stating, "We welcome the investment from the International Finance Corporation (IFC) as recognition of our sustainability initiatives. We are committed to working collaboratively with IFC to further enhance our sustainability footprints. Through our renewable projects and energy-efficient products, we are actively addressing the transition to a low-carbon economy. We eagerly anticipate aligning our activities even more closely with the global Sustainable Development Goals."
Led by partner Arpita Garg and counsel Kinnari Sanghvi, the legal team at S&R Associates navigated the complexities of the transaction with precision and expertise. Associates Harshdeep Singh Bedi and Navaneeth Krishnan also played integral roles in ensuring seamless execution and regulatory compliance.
The successful completion of this transaction underscores the joint dedication of Grasim Industries Limited, IFC, and S&R Associates to fostering sustainable growth and innovation in India's corporate landscape. S&R Associates' expertise and steadfast commitment to client satisfaction have once again been underscored through their invaluable contribution to Grasim Industries Limited's sustainability-linked NCD issuance. Their role in this landmark transaction further solidifies S&R Associates' reputation as a premier legal firm renowned for its excellence in corporate finance and regulatory compliance.
