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The proceeds of the Issue were primarily utilised to part-finance the acquisition of a 28.99% stake in HL Mando Anand India Private Limited. Citibank, N.A. and Hongkong and Shanghai Banking Corporation (HSBC) acted as arrangers to the Issue.
The Debentures carry a coupon rate of 7.47% per annum and are listed on both BSE Limited and National Stock Exchange of India Limited. The Issue received the highest long-term credit rating of “AAA/Stable” from CRISIL Ratings Limited and CARE Ratings Limited.
S&R Associates advised UltraTech Cement Limited on its INR 50 billion issuance of listed non-convertible debentures through private placement.
The transaction, India’s largest disclosed private credit deal in the telecom sector, was structured to support Vodafone Idea Limited’s capital expenditure and business growth.
The said issuance is the largest unlisted private placement of non-convertible debentures in India’s airport sector.
This bond issuance marks the largest deal in the private credit space in India
