Cyril Amarchand Mangaldas advised Kotak Mahindra Bank and IDFC Bank on the Rs 925 crore ($135m) private placement of 9250 of Sterlite Grid’s rated, senior, listed, taxable, secured, redeemable, non-convertible debentures. Sterlite was advised by K Law.

CAM Mumbai infrastructure and project financing partner Santosh Janakiram acted for Kotak and IDFC

“The issuance is India’s first AAA (SO) rated infrastructure bond without any Government guarantee along with longest tenure infrastructure bond in the private sector,” stated CAM in its press release.

Sterlite, through its entity East North Interconnection Company, will develop and operate the 400 k/v D/C transmission line connecting Bongaigaon, Assam, Siliguri, West Bengal and Purnea, Biharsharif, Bihar.

Sterlite is India’s largest private power transmission company and may have another bond issuance of Rs 2500 crore in its plans for similar projects, reported the Economic Times.