Shardul Amarchand Mangaldas & Co. advises J. P. Morgan Securities plc and HSBC on the issuance of US$ 400 million 2.80 per cent sustainability-linked unsecured bonds of UltraTech Cement Limited

February 27, 2021

Shardul Amarchand Mangaldas & Co. advised J.P. Morgan Securities plc and the Hongkong and Shanghai Banking Corporation Limited in relation to the issuance of 2.80 per cent unsecured bonds due 2031 (“Notes”) by UltraTech Cement Limited. The Notes are listed on the Singapore Exchange Securities Trading Limited. The deal was valued at USD 400 million. The date of closing was 16 February, 2021.

The Notes were offered and sold in the United States of America only to qualified institutional buyers in accordance with Rule 144A of the United States Securities Act of 1933 (“Securities Act”) and outside the United States in offshore transactions in accordance with Regulation S of the Securities Act.

This was UltraTech Cement Limited’s first international bond offering and the Notes are the first USD denominated sustainability-linked bonds from South Asia (including India) and South East Asia.

The transaction team was led by Prashant Gupta, National Practice Head; Monal Mukherjee, Partner; Sagarnil Banerjee, Principal Associate; Romit Srivastava, Associate and Tarun Srikanth; Associate.

Linklaters Singapore Pte. Ltd. advised J. P. Morgan Securities plc, Hongkong and Shanghai Banking Corporation Limited on U.S. Federal and English law. Cyril Amarchand Mangaldas and Allen & Overy (Asia) Pte. Ltd. advised UltraTech Cement Limited on Indian Law and U.S. Federal and English laws, respectively. Mayer Brown International LLP advised HSBC Bank USA, National Association on English law.