AZB & Partners has advised Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the Rs5.14 billion (US$62m) acquisition by Ontario Teachers Pension Plan and other minority investors of Highways Infrastructure Trust, an InvIT floated and sponsored by KKR. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on October 13, 2023.
AZB & Partners has also advised Great Terrain Investment, an affiliate of Warburg Pincus, on its Rs27 billion (US$324m) sale of equity stake of Computer Age Management Services. Partners Vaidhyanadhan Iyer and Jeet Chaudhuri led the firm’s team in the transaction, which was completed on December 4, 2023.
Moreover, AZB & Partners has advised Cloverdell Investment and Dayside Investment on their Rs10 billion (US$120m) sale of equity stake in IDFC First Bank. Partners Vaidhyanadhan Iyer and Jeet Chaudhuri led the firm’s team in the transaction, which was completed on December 7, 2023.
Baker McKenzie has advised the sole sponsor and sole overall coordinator and underwriters on the global offering and listing of BaTeLab in Hong Kong. The company’s H shares commenced trading on December 28, 2023. BaTeLab focuses on the design of all major categories of analog IC and mixed-signal IC products and systematic solutions. BaTeLab offers approximately 400 types of diversified industrial-grade analog IC-patterned wafer products across seven sub-categories in the power management category and the signal chain category. China International Capital Corporation Hong Kong Securities acted as the sole sponsor and the sole overall coordinator. China International Capital Corporation Hong Kong Securities, China Galaxy International Securities (Hong Kong), CMB International Capital, GF Securities (Hong Kong) Brokerage and Guotai Junan Securities (Hong Kong) acted as the joint global coordinators. China International Capital Corporation Hong Kong Securities, China Galaxy International Securities (Hong Kong), CMB International Capital, GF Securities (Hong Kong) Brokerage, Guotai Junan Securities (Hong Kong), ABCI Capital, ICBC International Securities and Soochow Securities International Brokerage acted as the joint book-runners. Beijing capital markets partner Wang Hang, supported by partner Sheng Chen and Fenxun partners Yolanda Zheng and Michael Lian, led the firm’s team in the transaction. FenXun is Baker McKenzie’s joint operation platform partner in China.
Davis Polk has advised HighTide Therapeutics on its IPO and listing in Hong Kong and Rule 144A and Regulation S international offering, raising proceeds of approximately HK$194.1 million (US$25m). Established in 2011, HighTide is a leading biopharmaceutical company specializing in the discovery, development and commercialization of multifunctional, multi-targeted therapies for the treatment of metabolic and digestive diseases. Partners Xuelin (Steve) Wang and Yang Chu led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised JM Financial, as the book-running lead manager, on the qualified institutional placement by Arman Financial Services of approximately US$27.61 million. The issuer filed the placement document with the Indian stock exchanges on December 22, 2023. Capital markets national head partner Prashant Gupta and partner Sayantan Dutta led the firm’s team in the transaction, while Hogan Lovells Lee & Lee advised on the international aspect of the selling and transfer restrictions.
Shardul Amarchand Mangaldas has also advised JK Tyre & Industries on its qualified institutions placement of approximately US$61 million. The issuer filed the preliminary placement document and the placement document with the Indian stock exchanges on December 19 and 22, 2023. JK Tyre is one of the leading tyre manufacturers in India with a wide range of products catering to diverse business segments. Capital markets national head partner Prashant Gupta and partner Sayantan Dutta also led the firm’s team in the transaction. Hogan Lovells Lee & Lee advised Emkay Global Financial Services, as the lead manager, on the international legal aspect of the selling and transfer restrictions.
Trilegal has advised Arman Financial Services on its qualified institutions placement of equity shares, aggregating to Rs2.3 billion (US$27.6m). This was the company’s first QIP, and is among the few QIPs by NBFCs in 2023. The proceeds from the issue are proposed to be used towards augmenting the company’s capital adequacy ratio, as laid down by the RBI, and for general corporate purposes. Arman Financial Services specializes in offering financial services that include microfinance and loans to MSMEs, as well as facilitating two-wheeler finance. Partner Richa Choudhary led the firm’s team in the transaction.
