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Khaitan & Co advised the National Bank for Financing Infrastructure and Development on the establishment of its maiden USD 4 billion Global Medium Term Note Programme and the issuance of USD 750 million fixed-rate senior unsecured notes due 2036, listed on India INX and NSE IX in GIFT City.
The Notes are listed on the NSE IX Exchange, GIFT City IFSC, making the transaction an international offering with an Indian financial centre listing component. The Notes are rated BBB- by Fitch Ratings Inc. and BBB by S&P Global Ratings.
S&R Associates advised UltraTech Cement Limited on its INR 50 billion issuance of listed non-convertible debentures through private placement.
SAM advised on all aspects of Indian law relating to the transaction, including the regulatory framework applicable to the issuer under the GIFT City IFSC regime, the structuring of the offering, the review, negotiation and finalisation of the offering circular and transaction documents, including the bond documentation, trust deeds and corporate guarantees. SAM also acted as the listing agent for the listing of the Bonds on NSE IX.