AZB & Partners is advising Metro as co-counsel on the Rs29 billion (US$350m) acquisition of Metro Cash & Carry India by Reliance Retail Ventures, a subsidiary of Reliance Industries. Partners Zia Mody, Aditya Vikram Bhat and Bhuvana Veeraragavan are leading the firm’s team in the transaction, which was signed on December 22, 2022 and is yet to be completed.
AZB & Partners is also advising Olive Vine Investment, an affiliate of Warburg Pincus, and Avanse Financial Services on the Rs8 billion (US$96.5m) acquisition by Kedaara Capital Growth Fund III of equity stake in Avanse Financial Services. Partner Vaidhyanadhan Iyer is leading the firm’s team in the transaction, which was signed on December 28, 2022 and is yet to be completed.
Clifford Chance has advised chemical enterprise Jiangsu Eastern Shenghong on its global depository receipts offering and listing in Switzerland, via the China-Europe Stock Connect scheme. The GDR offering is expected to raise gross proceeds of approximately US$718 million. Partners Fang Liu and Jean Thio, supported by London partner Christopher Roe on the depositary agreements and related GDR arrangement, led the firm’s cross-border team in the transaction.
Cyril Amarchand Mangaldas has advised Jefferies India, as the broker, on the block sale of equity shares of Ajanta Pharma by Ravi Agrawal Trust and Aayush Agrawal Trust. The transaction involved the sale, via the Indian stock exchanges, of approximately 5.8 million equity shares of Ajanta Pharma, comprising of 1.8 million equity shares held by Ravi Agrawal Trust and approximately four million equity shares held by Aayush Agrawal Trust, for Rs6.5 billion (US$78.4m). Markets-South regional co-head partner Vijay Parthasarathi led the firm’s team in the transaction, which was signed on November 25, 2022 and closed on December 23, 2022. Ashurst acted as international counsel for Jefferies India.
Cyril Amarchand Mangaldas has also advised the promoters of Suven Pharmaceuticals on the acquisition of Suven Pharmaceuticals by global private equity firm Advent for approximately Rs95 billion (US$1.15b), through a share purchase agreement for approximately 51 percent followed by an open offer for 26 percent. As part of the transaction, Advent has agreed to buy out a majority in Suven Pharmaceuticals from its promoters. Advent will also make an open offer to acquire 26 percent shares from public shareholders. General corporate and competition partner Shishir Vayttaden, supported by partners Bhargav Joshi (due diligence), Namrata Kolar (real estate co-head), Biplab Lenin (pharma and life sciences), Avaantika Kakkar (competition law head), led the firm’s team in the transaction, which was signed on December 26, 2022.
IndusLaw has advised fast fashion start-up Ameyam Enterprise (Virgio) on its more than US$37 million Series A round of investment co-led by Prosus Ventures, Alpha Wave Global and Accel. Partner Anindya Ghosh led the firm’s team in the transaction.
AlphaWave was advised by Shardul Amarchand Mangaldas, while Prosus was advised by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian as Singapore counsel and by Nishith Desai Associates as India counsel.
Paul Hastings has advised Morgan Stanley Asia and Huatai Financial Holdings (Hong Kong), as the joint sponsors, on the spin-off and separate listing of Super Hi International Holding in Hong Kong. The listing of Super Hi was completed via introduction, following the spin-off from Haidilao International Holding. Super Hi is a self-operated restaurant brand, primarily serving Haidilao hot pot in the international market. Super Hi is the largest Chinese cuisine restaurant brand originating from China in the international market, in terms of 2021 revenue, and the largest Chinese cuisine restaurant brand in the international market, in terms of number of countries covered by self-operated restaurants, as of December 31, 2021. Founding partner and Greater China chair Raymond Li and corporate partners Chaobo Fan and Vincent Wang led the firm’s team in the transaction.
Paul Hastings has also advised Sino-Ocean Group Holding on the sale of its interest in Sino-Ocean Taikoo Li Chengdu to Swire Properties for US$800 million. Sino-Ocean Taikoo Li Chengdu is a retail-led, mixed-use development consisting of an open-plan, lane-driven mall and a boutique hotel with serviced apartments in southwestern China jointly launched by Sino-Ocean Group and Swire Properties in 2015. Partner Vivian Lam, supported by partner Peter Cheng on Hong Kong regulatory compliance issues, led the firm’s team in the transaction, which will be completed over three phases, with the final phase closing by April 2023.
Trilegal has advised Axis Capital and JM Financial, as the book-running lead managers, on the IPO of equity shares by Elin Electronics, a leading manufacturer of end-to-end product solutions for major brands of lighting, fans and small kitchen appliances in India, and one of the largest fractional horsepower motors manufacturers in India. The offer included a fresh issue of equity shares worth Rs1.75 billion (US$21m) and an offer for sale of Rs3 billion (US$36.2m) by the selling shareholders. The IPO was oversubscribed 3.09 times. Partner Bhakta Patnaik led the firm’s team in the transaction.
TT&A has acted as Indian counsel to Asian Development Bank (ADB) on its US$100 million loan extended to Shriram Finance (formerly known as Shriram Transport Finance), via an external commercial borrowing for funding Shriram’s operations to finance purchase of lower emission commercial vehicles by micro, small and medium-sized enterprises in the transport and logistic sector. Partners Pooja Menon led the firm’s team in the transaction.
TT&A has also advised Asian Development Bank on its divestment of its minority stake in Akay Natural Ingredients, via sale to Spicerich Seasonings. This was followed by Oterra Singapore, a group company of the EQT Partners group, acquiring Akay by first acquiring Spicerich Seasonings, a subsidiary of Akay. Senior partner Gautam Saha and partner Nikhil Bahl led the firm’s team in the transaction.
