Hogan Lovells advises on the US$480 million rights offering by Grasim Industries

Hogan Lovells advises on the US$480 million rights offering by Grasim Industries

Press releases | 01 February 2024

Singapore, 1 February 2024 - Hogan Lovells has advised the lead managers, Axis Capital, Bank of America, Jefferies, JM Financial, Kotak Mahindra Capital Company and SBI Capital Markets on the US$480 million rights offering by Grasim Industries.  

Grasim Industries is the flagship company of the Aditya Birla group, a global conglomerate with US$65 billion market capitalization and operations across 6 continents and 40 countries. Grasim Industries is a leading global producer of viscose, diversified chemicals, linen yarn and fabrics. Grasim Industries has two listed subsidiaries: UltraTech Cement, the largest cement manufacturer in India, and fifth largest globally, and Aditya Birla Capital, a leading financial services company with diversified offerings including financing products, asset management and insurance. 

The offering was over-subscribed and was among the largest by an Indian company in recent years. The Hogan Lovells team was led by India Practice Co-Head and Singapore Office Managing Partner Biswajit Chatterjee, with support from counsel Kaustubh George, senior associates Varun Jetly and Utkarsh Mishra, and associates Aditya Rajput and Suchisubhra Sarkar. 

Hogan Lovells has been ranked No.1 by deal volume and deal value for 2023 India Equity and Rights Offering (Managers) by Bloomberg in 2024, and has also been ranked as a key player among foreign law firms involved in India work by India Business Law Journal 2023.

About Hogan Lovells Equity Capital Markets practice

Our equity capital markets teams globally work seamlessly together to provide integrated advice on complex and time-sensitive cross-border transactions. Our vast experience in all types of legal, financial, regulatory, tax, and corporate governance issues makes us uniquely qualified to assist foreign private issuers, U.S. issuers, and their underwriters as those companies embark on their IPOs and make the transition to public ownership.

In the Asia-Pacific region, we provide substantial experience on equity and capital markets transactions, from IPOs, dual listings, share placements, rights issues, to convertible notes and other securities.

About Hogan Lovells India practice 

Hogan Lovells India practice consists of lawyers across its global network of offices ranging from Northern California to the East Coast of Australia. The Singapore office is the firm’s regional hub for India, Southeast Asia, and South Asia. With strong local relationships and keen market knowledge, we work successfully across borders to help clients develop infrastructure projects, seek investment opportunities, raise capital, restructure businesses, and resolve disputes and intellectual property issues in India.