AZB & Partners has advised Bain Capital on the Rs9.1 billion (US$109m) sale by its affiliates, BC Investments VI and BC Asia Growth Investments, of equity stake of L&T Finance Holdings on the stock exchange. The shares traded on September 12, 2023. Partners Anil Kasturi, Nandita Govind and Hufriz Wadia led the firm’s team in the transaction.
AZB & Partners is also advising Samvardhana Motherson International on its Rs466 million (US$5.6m) acquisition of equity stake in Irillic. Partner Niladri Maulik is leading the firm’s team in the transaction, which was signed on October 20, 2023 and is yet to be completed.
Azmi & Associates has acted as main counsel to national fund and retirement institutions Permodalan Nasional, Employees’ Provident Fund and Kumpulan Wang Persaraan (Diperbadankan) on their groundbreaking strategic investment collaboration with OSRAM Opto Semiconductors (Malaysia). The transaction involves the sale and leaseback of OSRAM’s new state-of-the-art facility with joint investment value of RM2 billion (US$419m) and with clear exit plan for the co-investors. Senior partner Dato’ Azmi Mohd Ali and partners Zuhaidi Mohd Shahari, Mohd Sallahudin Abdullah and Muhammad Inamul Hassan Shah led the firm’s team in the transaction, while Cherha Hempel advised on Austrian law.
Baker McKenzie Wong & Leow (in Singapore) and HHP Law Firm (in Jakarta) have advised MUFG Bank, United Overseas Bank, Bank of China, CTBC Bank, DBS Bank and Mizuho Bank, as the mandated lead arrangers and book-runners, on a US$700 million sustainability-linked syndicated term loan facility for Sarana Multi Infrastruktur (SMI), a state-owned enterprise under Indonesia’s Ministry of Finance. The facility is SMI’s first sustainability-linked loan, which features concrete performance targets that are in line with its ESG commitment. It received strong interest from investors during syndication, resulting in an oversubscription with commitments of approximately US$1.8 billion. Baker McKenzie Wong & Leow banking and finance principal Chu Kah Chin and HHP Law Firm banking and finance senior partner Mita Guritno led their firm’s respective team in the transaction.
Cyril Amarchand Mangaldas has advised NIIF Infrastructure Finance on extending financial support aggregating to Rs2.1 billion (US$25m) to six special purpose vehicles of Vibrant Energy Holdings. The six 6 SPVs of Vibrant Energy Holdings, namely (a) Arkha Solar Power; (b) Egan Solar Power; (c) Ethan Energy India; (d) Natems Solar Power; (e) Repal Green Power; and (f) Repal Renewables, sought financing support for repayment/refinancing of the investments made in the construction and development of their solar power project being developed in the state of Andhra Pradesh/Telangana. Partners Subhojit Sadhu and Yash Jain led the firm’s team in the transaction, which was signed on October 6, 2023 and is expected to close in this quarter.
Khaitan & Co has advised Ola Electric and its founder, Bhavish Agarwal, on its US$146 million Series E investment round by Temasek and other investors, including existing shareholders, and RNT’s secondary exit to Temasek. Partners Sharad Moudgal and Renu Gopalakrishnan, supported by partners Anisha Chand, Nikhilesh Rao and Ganapathy Subbaiah, led the firm’s team in the transaction.
Khaitan & Co has also advised True North on its proposed partial exit from Niva Bupa Health Insurance through a secondary sale of shares to Bupa. Niva Bupa offers health insurance through more than 20 bank partners, and has over 10,000 hospitals as part of its network; it is currently India’s third largest health insurer, with a market share of 8.4 percent. True North has agreed to sell approximately 20 percent of its stake in Niva Bupa to Bupa, True North’s joint venture partner in Niva Bupa, for approximately Rs27 billion (US$324m). Completion of this sale is subject to the IRDAI’s approval, and will result in Bupa becoming a majority shareholder in Niva Bupa (with Bupa’s shareholding increasing to approximately 63 percent) and transfer of control of Niva Bupa by True North to Bupa. Partners Niren Patel and Saswat Subasit, supported by partner Shreya Mukherjee, led the firm’s team in the transaction.
Simpson Thacher is advising The Carlyle Group on its strategic partnership with Korea Investment & Securities (KIS), through which KIS will invest approximately US$300 million in funds operated by Carlyle and will gain access to approximately US$4 billion in overseas credit products. Through the partnership, KIS aims to expand its international offerings and establish a pipeline for retail product development. Carlyle is a global investment firm with US$385 billion in assets under management and deep industry expertise that deploys private capital across its business. Carlyle conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. Partners David Greene, Sage Hughes, Christopher Healey, Nancy Mehlman, Jonathan Goldstein and Jodi Schneider led the firm’s team in the transaction.
Skadden has represented the underwriters on the IPO and listing in Hong Kong by J&T Global Express. The amount raised was approximately HK$3.92 billion (US$501m), exclusive of the over-allotment option. Trading commenced on October 27, 2023. J&T is a global logistics service provider, with delivery services spanning 13 countries. It is the number one express delivery operator in Southeast Asia by parcel volume. Partners Haiping Li (Hong Kong/Shanghai), Paloma Wang (Hong Kong) and Yuting Wu (Shanghai) led the firm’s team in the transaction.
Trilegal has acted as Indian counsel to IRM Energy on its IPO of equity shares. The proceeds of the IPO will be utilised for funding the capital expenditure requirements for the development of the city gas distribution network, prepayment or repayment of certain outstanding borrowings, and general corporate purposes. Partners Bhakta Patnaik (capital markets head) and Brajendu Bhaskar led the firm’s team in the transaction.
TT&A has represented Mr Rajiv Rattan and Affiliates on the settlement of disputes between the joint venture partners of Rattan India Finance, a joint venture between Mr Rajiv Rattan and his affiliates, and Lone Star Funds and its affiliates. The two joint venture partners were in a dispute which has come to an end and has been settled between the parties, resulting in a proposed reduction of the shareholding of the company held, inter alia, by Lone Star Funds and its affiliates for approximately Rs6.11 billion (US$73.4m). Partners Gautam Saha, Sachin Mehta and Neville Golwalla led the firm’s team in the transaction.
WongPartnership is acting for the owners of Flash coffee on the closure of Flash coffee’s remaining 11 Singapore outlets and the winding up of the business in Singapore. Partner Smitha Menon is leading the firm’s team in the matter.
WongPartnership is also acting for GGV Capital on its acquisition of a minority stake in Indonesia’s aquaculture giant, eFishery, which turned unicorn earlier this year with a last valuation of US$1.4 billion. Partner Kyle Lee is leading the firm’s team in the transaction.
