AZB & Partners has advised Best Agrolife on the Rs1.5 billion (US$17.3m) acquisition by various investors of convertible warrants in the company at Rs640 (US$7.40) per share. Partners Anand Shah and Jeet Chaudhuri led the firm’s team in the transaction, which was completed on December 27, 2024.
Moreover, AZB & Partners has advised Aegis Vopak Terminals on its Rs8 billion (US$92.4m) sale of stake to Special Opportunities Funds of 360 ONE Alternates Asset Management (formerly IIFL Wealth and Asset Management). Partner Nilanjana Singh led the firm’s team in the transaction, which was completed on November 7, 2024.
Chandler Mori Hamada has advised CIMB Thai on the first subordinated green capital securities issued by a bank in Thailand. These unique hybrid debt capital instruments qualify for inclusion as Tier 2 capital for Thai commercial banks, in compliance with international green bond principles – a first for the Thai market. The capital securities have a 10-year maturity with a fixed interest rate of 3.9 percent per annum, with quarterly payments. The proceeds from the securities will be used to bolster CIMB Thai’s Tier 2 capital and to fund eligible environmental projects. This aligns with the bank’s commitment to sustainability. The securities were offered to institutional investors and high-net-worth investors, raising β2 billion (US$58.3m). Partner Doungporn Prasertsomsuk led the firm’s team in the transaction.
Clifford Chance is advising the Hong Kong Investment Corporation (HKIC) on the Invitation for Proposals (IFPs) for fund managers and service provider for asset management administration and related services of the Investment Portfolio (CIES IP), under the New Capital Investment Entrant Scheme (New CIES), and relevant selection processes. The inaugural IFPs of the CIES IP under the New CIES were well received by the market, demonstrating confidence in the future development of Hong Kong. With an expected capital size of at least HK$600 million (US$77m), the CIES IP under the new CIES will be used to accelerate the promotion of cutting-edge industries or new applications, which are being shaped and at the initial stage of development. Established and wholly-owned by the Hong Kong Special Administrative Region, the HKIC currently manages HK$62 billion (US$8b) across its portfolio of funds, with a dual mandate of seeking reasonable financial return in the medium to long term through optimising the use of fiscal reserves, and leveraging its ability to guide and channel capital to build a more vibrant innovation and technology ecosystem and industry chain. Partners Rocky Mui and Liyong Xing are leading the firm’s team in the transaction, which was announced in December 2024 and is yet to be completed.
Clifford Chance has also advised Yondr Group, a global developer, owner and operator of hyperscale data centres, on the international aspects of its more than US$900 million debt financing for the construction and initial operation of the company’s 98MW hyperscale data centre, which is part of a larger data centre development in Johor, Malaysia. Once completed, the wider development in Johor’s Sedenak Tech Park is set to deliver up to 340MW of critical IT capacity, and will be the largest hyperscale data centre campus in South East Asia. Yondr is a key player in the digital infrastructure sector, addressing the complex data centre capacity demands of the world’s largest technology companies through the development and operation of sustainable data centres worldwide. The company has more than 420MW of capacity committed to hyperscalers, with significant additional land to support a total potential capacity of over 1GW. The deal represents Yondr’s first major debt financing in the region, secured through a special exemption granted by the Malaysia Digital Economy Corporation (MDEC) that enables the company to bypass the usual approval process for foreign currency borrowings from Bank Negara Malaysia. A consortium of lenders, including DBS Bank, Deutsche Bank, Global Infrastructure Partners (part of Blackrock), HSBC, International Finance Corporation (IFC), ING and Natixis CIB, is providing the loan facility to Yondr Group. Partner Thomas England, supported by partner Francis Edwards, led the firm’s team in the transaction. Rahmat Lim & Partners acted as Malaysian counsel to Yondr.
Moreover, Clifford Chance has advised a consortium, including financial institutions and development banks Advans SA SICAR, FMO and IFC, on the sale of 100 percent of their interests in Cambodian microfinance deposit-taking institution (MDI) Amret to Bank SinoPac. Taiwan-based Bank SinoPac will acquire Amret, Cambodia’s largest MDI by total assets, in three tranches – acquiring 80 percent of equity initially, followed by 10 percent of equity in each of the first and second years, respectively. International development finance institutions FMO and IFC will continue to be shareholders in Amret for two years, following the acquisition of the initial tranche of equity by Bank SinoPac. The transaction will mark the expansion of Bank SinoPac’s international presence and further extend its overseas service network in South East Asia, while enhancing Amret’s ability to reach and provide diversified financial services to underserved communities in Cambodia’s growing economy. Private equity partner Tom Lin led the firm’s team in the transaction, while DFDL advised on Cambodia law.
JSA has advised Bharat Value Fund on its investment of Rs1.61 billion (US$18.6m) in Bgauss, an electric two-wheeler manufacturer. The round includes a mix of primary and secondary capital. Partner Siddharth Mody, supported by partner Rojan Kumar, led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for CapitaLand Ascendas REIT Management on the S$112.8 million (US$82m) divestment of an industrial property located at 21 Jalan Buroh Singapore to GDS IDC Services. Corporate real estate partner Benjamin Tay, supported by M&A partners Favian Tan and Tricia Teo, led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for Amazon Asia-Pacific Resources, as lessee, on a S$1.5 billion (US$1.1b) built-to-suit lease arrangement with AirTrunk Singapore Ten, as lessor. The arrangement requires AirTrunk to construct a single building on land AirTrunk leased from Jurong Town, of which half of the building will be operated as a data center by AWS and the other half will be a colocation facility operated by AirTrunk. Corporate real estate partners Benjamin Tay and Marcus Tay, supported by construction & projects partners Shemane Chan and Loh Yong Hui, led the firm’s team in the construction.
Moreover, Rajah & Tann Singapore has acted for GES Tradewinds on the S$775 million (US$568m) acquisition from DBS Trustee of Mapletree Anson situated at 60 Anson Road Singapore. Corporate real estate partners Benjamin Tay and Marcus Tay also led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Norwest Venture Partners on its investment in Vridhi Finserv Home Finance, a nonbanking financial company that provides property loans to low and middle-income customers in semi-urban and rural areas across India. The US$36 million Series B funding round was led by Norwest, and included participation from existing investor Elevation Capital and founders. Partner Aayush Kapoor, supported by partner Shubhangi Garg, led the firm’s team in the transaction. Cyril Amarchand Mangaldas advised Elevation Capital. AZB & Partners also advised Norwest Venture Partners and its founders.
Shardul Amarchand Mangaldas & Co has also advised Aragen Life Sciences, Reddy Investment Trust and Mr Davinder Singh Brar on the subscription to shares of Aragen Life Sciences by Quadria Capital, and the purchase of shares by Quadria Capital from the existing promoters and Goldman Sachs. The investment will result in Quadria Capital acquiring a minority stake in Aragen, at an approximate valuation of US$ 1.4 billion. The investment proposes to support Aragen’s strategic expansion of its capabilities and infrastructure, enabling the company to meet the growing demand for outsourcing services from innovators in the US and Europe. Partners Karun Prakash and Sangamitra Sankaraiah led the firm’s team in the transaction, which was valued at approximately US$100 million.
Skadden has represented Tokyo-listed Sanrio, a Japanese company that designs, develops and sells characters, gifts and entertainment, on its ¥135 billion (US$867m) secondary offering of common stock. The offering of approximately 29.75 million shares of common stock, including the over-allotments, at ¥4,540 (US$29.16) per share closed on December 17, 2024. Tokyo corporate partner Kenji Taneda led the firm’s team in the transaction.
Skadden has also advised Goldman Sachs & Co, Mizuho Securities USA, JP Morgan Securities, BofA Securities, Morgan Stanley & Co and Nomura Securities International, as joint lead managers and joint book-runners, on the US$2 billion offering of 6.20 percent step-up callable perpetual subordinated notes with interest deferral options by The Dai-ichi Life Insurance. The notes were listed in Singapore. Tokyo corporate partner Kenji Taneda also led the firm’s team in the transaction.
Trilegal has successfully represented Apraava Renewable, Green Infra and Panama entities on proceedings initiated by the Maharashtra State Electricity Distribution Company (MSEDC) before the Maharashtra Electricity Regulatory Commission (MERC) for retrospective reclassification of wind potential zones for existing wind projects in Maharashtra. The reclassification of wind zones would have resulted in reduction of tariff / price for supply of power from the wind projects to MSEDC for the entire 25 years duration of the power purchase agreements (PPAs). The firm argued that the petition filed by MSEDC is barred by res judicata, and would result in the re-determination of tariff and retrospective amendment of the PPAs and applicable tariff regulations, which is impermissible. MERC dismissed MSEDC’s petition on maintainability, and further held that, post-expiry of the regulations, operational norms specified thereunder cannot be amended. The MERC order has a sector wide impact, especially on existing wind projects located in Maharashtra. The order underscores the sanctity of the PPAs, and the need to promote generation of renewable power in the country, and for the stakeholders to not create regulatory hurdles in continued operation of RE projects set up with massive investment. Partners Vishrov Mukerjee and Janmali Manikala led the firm’s team in the transaction.
Trilegal has also advised Epic Concesiones 2 on its acquisition of 100 percent of the equity share capital of eleven road project SPVs (on hybrid annuity model) from Ashoka Buildcon and Ashoka Concessions. The SPVs are Ashoka Kharar Ludhiana Road, Ashoka Ranastalam Anandapuram Road, Ashoka Ankleshwar Manubar Expressway, Ashoka Khairatunda Barwa Adda Road, Ashoka Belgaum Khanapur Road, Ashoka Mallasandra Karadi Road, Ashoka Karadi Banwara Road, Ashoka Kandi Ramsanpalle Road, Ashoka Banwara Bettadahalli Road, Ashoka Baswantpur Singnodi Road and Ashoka Bettadahalli Shivamogga Road. Partners Kunal Chandra, Sneha Vardhan, Neeraj Menon, Nayantara Nag, Swathy Pisharody, Apeksha Mattoo, Chitra Rentala, Ameya Khandge and Gautam Chawla led the firm’s team in the transaction.
Moreover, Trilegal has successfully represented Samsung Korea before the Delhi High Court, wherein the High Court dismissed Revenue Appeals for nine assessment years, holding that employees seconded by Samsung Korea to Samsung India do not constitute its PE in India. The High Court gave a crucial finding that ‘furtherance of business of the foreign entity through the seconded employees is necessary to constitute a PE in India’, and noted that the secondment of employees in this case was not in the furtherance of Samsung Korea’s business in India, but for assisting Samsung India in its business operations. Tax practice head partner Himanshu Sinha led the firm’s team in the transaction.
