Allen & Gledhill has advised Oversea-Chinese Banking Corporation, as mandated lead arranger, book-runner and sustainability coordinator, on the syndicated S$600 million (US$442m) term, revolving and bank guarantee facilities to DBS Trustee, as trustee of OUE Real Estate Investment Trust. The facilities are aligned with the sustainability-linked loan principles, and will be used to finance OUE-REIT’s capital expenditure, working capital requirements and general corporate funding purposes. Partner Lim Wei Ting led the firm’s team in the transaction.
AZB & Partners is advising Apollo Hospital Enterprises on the Rs24.75 billion (US$296m) acquisition of stake by Advent International in Apollo HealthCo, a material subsidiary of Apollo Hospitals Enterprise and Keimed. Partners Aarthi Sivanandh and Bhavana Alexander are leading the firm’s team in the transaction, which was signed on April 26, 2024 and is yet to be completed.
AZB & Partners has also advised Internet Fund V, a fund managed by Tiger Global Management, on the Rs700 million (US$8.4m) acquisition of stake, along with other investors, by Z3Partners Tech Fund and Z3P Global in Wow Momo Foods. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on April 19, 2024.
Moreover, AZB & Partners has advised TPG India Investments II on the acquisition of stake by Sanlam Emerging Markets (Mauritius) in Shriram LI Holdings from TPG India Investments II. Partners Divya Mundra and Jeet Chaudhuri are leading the firm’s team in the transaction, which was signed on April 10, 2024 and is yet to be completed.
Cyril Amarchand Mangaldas has advised Sanlam on its proposed increase of effective economic shareholding in Shriram General Insurance Co (SGIC) and Shriram Life Insurance Co (SLIC). Sanlam has reached an agreement to acquire additional effective economic shareholding in SGIC from the current 40 percent to 51 percent, and in SLIC from the current 42 percent to 54 percent. The proposed acquisition is subject to the fulfilment of the necessary conditions. Megha Krishnamurthi, supported by partners Ramgovind Kuruppath and Indranath Bishnu, led the firm’s team in the transaction, while Edward Nathan Sonnenbergs (South Africa) acted as global counsel.
Cyril Amarchand Mangaldas has also advised the Godrej Family branches led by Mr Adi Godrej and Mr Nadir Godrej, on their family arrangement with the family branches led by Mr Jamshyd Godrej and Mrs Smita Godrej Crishna in relation to the re-alignment of the Godrej Group. A family settlement arrangement was entered into by the Godrej family members comprising of the two groups. The family groups have also entered into a Brand & Non-Compete Agreement to record their understanding. The realignment is subject to receipt of requisite approvals. Consequent to the announcement of family settlement arrangement, the members of the Godrej family led by Mr Adi Godrej and Mr Nadir Godrej have also made a public announcement of an open offer for the acquisition of shares held by the public shareholders of Astec Lifesciences. Managing partner Cyril Shroff and partners Rishabh Shroff (private client practice co-head) and Ramgovind Kuruppath (general corporate), supported by partners Avaantika Kakkar (competition head) and Aditya Prasad (general corporate), led the firm’s team in the transaction. The family branches led by Mr Jamshyd Godrej and Mrs Smita Godrej Crishna were represented by AZB & Partners.
Moreover, Cyril Amarchand Mangaldas has advised Vodafone Idea on its further public offering of approximately 16.36 billion equity shares aggregating to Rs180 billion (US$2 billion). The offer was made via the fast-track route of the SEBI Regulations 2018. Vodafone Idea is the third largest telecommunications service provider in India, based on subscriber base, and the sixth largest cellular operator globally, in terms of number of subscribers in a single country of operations. The offering is the largest successful further public offering, the third largest public offering of equity shares in India, and the first further public offering by a company in the telecommunication sector. It is also one of the fastest public offerings from start to end, having been completed in only 54 days from the date of kick-off meeting. Axis Capital, Jefferies India and SBI Capital Markets acted as book-running lead managers to the offer. Link Intime India acted as registrar. Partners Yash Ashar (capital markets head) and Abhinav Kumar (western region markets head), supported by managing partner Cyril Shroff, led the firm’s team in the transaction, which was signed on February 29, 2024 and closed on April 25, 2024. Sidley Austin acted as international counsel for the book-running lead managers, while S&R Associates acted as Indian counsel for the Vodafone Group.
JSA has advised Rental Yield Plus Fund, which is managed by Edelweiss Alternatives, on the more than Rs15 billion (US$180m) acquisition of MMTP Projects. Edelweiss Alternatives is one of the largest alternatives platforms in India. Earlier owned by the MFAR group, MMTP owns and operates 1.1 million square feet of gross leasable area within the larger Manyata Tech Park, a prominent technology park in Bengaluru housing multiple office spaces for companies from various sectors. The acquisition of MMTP is in line with Edelweiss’ larger strategy of aggregating high-quality Grade A/A+ office assets into a larger portfolio of commercial office assets across pivotal office micro-markets in key cities. Joint managing partner Vivek K Chandy and partner Ajay G Prasad, supported by partners Karthik BM, Megha Arora, Anjana Potti and Preetha S, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Apollo Hospitals Enterprise and Apollo Healthco (Apollo 24/7) on the multi-phase transaction involving an investment of Rs24.75 billion (US$296m) by Advent International into Apollo 24/7, acquisition of minority stake by Apollo 24/7 in Keimed for Rs7.25 billion (US$87m), and eventual amalgamation of Keimed with and into Apollo 24/7, with the combined entity being valued at an enterprise value of Rs224.8 billion (US$2.7b). The transaction is aimed at creating a leading integrated, omni-channel healthcare eco-system, having an industry-defining business model with pan-India presence, and potential to unlock significant business synergies. Partners Puja Sondhi and Aayush Kapoor, supported by Ashni Roy, Manita Doshi, Harman Singh Sandhu and Rohan Arora, led the firm’s team in the transaction, which is subject to completion of customary conditions precedent, including approval of the Competition Commission of India and Apollo Hospitals Enterprise public shareholders. Cyril Amarchand Mangaldas & Co (Mumbai) advised to Advent International. AZB & Partners (Chennai) also advised Apollo Healthcare Enterprises and its Board of Directors.
Simpson Thacher is advising KKR on the signing of definitive agreements, under which funds managed by KKR will acquire Healthium Medtech, a leading Indian medical devices company, from an affiliate of Funds advised by Apax Partners. Hong Kong M&A partner Ian Ho led the firm’s team in the transaction.
