Allen & Gledhill has advised the Housing and Development Board on the issue of S$950 million (US$706m) fixed rate green notes due 2030, under its S$32 billion (US$23.8b) multicurrency medium term note programme. The notes are an issuance of green bonds, proceeds of which are intended to be used to finance or refinance Eligible Green Projects under the Project Category of Green Buildings, and for such other purposes as set out in the Green Finance Framework of the HDB. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Titan Dining Group on the S$252 million (US$187.3m) sale of shares in Tim Ho Wan Holdings to Jollibee Foods. Partners Michèle Foo and Alexander Yap led the firm’s team in the transaction.
AZB & Partners has advised Cintra InvIT Investments and Cintra IM Investments on a secondary off-market transaction with GIC, through its affiliate Stretford End Investment, wherein Cintra InvIT and Cintra IM purchased additional shares, pursuant to an agreement dated December 16, 2024. Partners Janhavi Seksaria, Rushabh Maniar and Kirthi Srinivas led the firm’s team in the transaction, which was completed on December 20, 2024.
AZB & Partners is also advising Blue Horizon Hotels and AS Muniswamy Raju HUF on their Rs8.7 billion (US$100m) sale of Vega City Mall to Vijaya Productions, a special purpose vehicle of Nexus Select Trust. Partners Bhuvana Veeraragavan and Malini Raju are leading the firm’s team in the transaction, which was signed on October 17, 2024 and is yet to be completed.
Moreover, AZB & Partners has advised Incuspaze Solutions on its Rs500 million (US$5.8m) sale of stake to India Inflection Opportunity Trust, which is managed by Pantomath Capital Management. Partners Hardeep Sachdeva and Abhishek Awasthi led the firm’s team in the transaction, which was completed on July 1, 2024.
Clifford Chance has advised the Hongkong and Shanghai Banking Corporation, as sole global coordinator, sole book-runner and sole lead manager, on Delta International Holding’s (DIH) issuance of US$525 million zero coupon exchangeable bonds and delta placement of shares. An investment holding company existing under the laws of the Netherlands, DIH is wholly-owned by Taiwan-listed Delta Electronics, a global provider of power and thermal management solutions. The bonds, due January 21, 2030, will be exchangeable into shares of Delta Electronics (Thailand) at an initial exchange price of β187.60 (US$5.56) per share, which is 40 percent over the reference price. Thailand-listed Delta Electronics (Thailand) produces power systems for telecommunications, medical equipment, industrial automation and electric vehicles. Proceeds of the bonds will support Delta Electronics’ global expansion in manufacturing, R&D and sales, as well as the development of IoT-based smart energy solutions, aligning with key trends, such as AI, smart manufacturing, e-mobility, and energy transition. Partner Gareth Deiner, supported by Hong Kong partner Terry Yang, led the firm’s team in the transaction.
Clifford Chance has also advised Barclays, Citigroup, Deutsche Bank, FAB, JP Morgan, Mashreq and Standard Chartered Bank, as joint global coordinators and managers, on Vedanta Resources’ US$1.1 billion bond issuance, which consists of two tranches: US$550 million 9.475 percent bonds due 2030, and US$550 million 9.85 percent bonds due 2033. The concurrent tender offers covered its outstanding 13.875 percent bonds due 2028 and the 9.25 percent bonds due 2026. Listed in Singapore, the bonds were oversubscribed, with proceeds to be used to prepay Vedanta’s outstanding bonds, cover related transaction costs, and service other debts. Vedanta is a diversified global natural resources and technology company serving customers worldwide which mines zinc-lead-silver, iron ore, steel, copper, aluminium, power, and oil and gas. Hong Kong partner Alan Yeung led the firm’s team in the transaction.
Moreover, Clifford Chance has advised global healthcare company Sanofi on the acquisition from Corxel Pharmaceuticals of exclusive rights to develop and commercialise aficamten in Greater China. Aficamten is a medication discovered and developed globally by Cytokinetics for the treatment of a heart condition called hypertrophic cardiomyopathy (HCM). Aficamten received Breakthrough Therapy Designation for the treatment of symptomatic obstructive hypertrophic cardiomyopathy (oHCM) from the US Food & Drug Administration and the Center for Drug Evaluation of the China National Medical Products Administration. In October 2024, the Center for Drug Evaluation accepted the New Drug Application for aficamten tablets for the treatment of oHCM for Priority Review. Partners Yang Yi and Matthew Warner led the firm’s team in the transaction.
Davis Polk is advising the underwriters on the SEC-registered IPO of approximately 7.3 million American depositary shares of Ascentage Pharma Group, with total gross proceeds of approximately US$126.4 million. Each ADS represents four ordinary shares of the company. Ascentage Pharma has granted the underwriters an option to purchase up to an additional approximately 1.1 million ADSs. The ADSs are listed on the Nasdaq. Ascentage Pharma’s US offering is the first biotech US IPO of 2025. It is also the first biotech company listed in Hong Kong to successfully complete a US listing. Ascentage Pharma is a global, integrated biopharmaceutical company engaged in discovering, developing and commercializing therapies to address global unmet medical needs, primarily in hematological malignancies. It has been listed in Hong Kong since October 2019. Partners Steve Wang and Yasin Keshvargar, supported by partners Jason Xu and David Bauer, led the firm’s team in the transaction.
Rajah & Tann Singapore is acting for Lendlease on a S$3 billion (US$2.22b) joint venture project with Singtel for the redevelopment of the Comcentre precint into a sustainable workplace. Senior partner Norman Ho and partners Gazalle Mok and Marcus Tay from the corporate real estate practice are leading the transaction.
Rajah & Tann Singapore has also acted for Helicap on its Series B investment round led by Kenanga Investment Bank, Malaysia’s leading independent investment bank. Helicap is a fintech company in the alternative investment and peer-to-peer (P2P) lending space. M&A partner Terence Quek led the firm’s team in the transaction.
Moreover, Rajah & Tann Singapore has acted for Peak Crescent on the S$279 million (US$206.5m) acquisition of land parcel 978 at Canberra Crescent from the Urban Redevelopment Authority of Singapore. Corporate real estate senior partner Norman Ho and partners Gazelle Mok and Melvin Tan led the firm’s team in the transaction, while partners Chou Ching and Cindy Quek acted for the lenders.
Saraf and Partners has advised Bank of Baroda on the transfer of its depository business to its wholly-owned subsidiary, BOBCAPS Capital Markets. This transfer will enable Bank of Baroda to streamline its operations, and focus on its core banking activities. Further, this strategic move is anticipated to strengthen BOBCAPS’ position in the financial market, allowing it to expand its service offerings and reach a broader client base. The transfer is expected to enhance operational efficiency and customer service for Bank of Baroda’s clients, providing more specialized and focused depository services through BOBCAPS. Partners Adil Ladha and Satyadarshi Kunal led the firm’s team in the transaction.
S&R Associates has represented Ennov, a software solutions provider for the life sciences industry, on the Indian aspects of its acquisition of the Enterprise Technology division of Calyx, a clinical research and regulatory solutions provider. Partners Rajat Sethi, Lakshmi Pradeep and Raya Hazarika, supported by competition head Simran Dhir and partners Akshat Kulshrestha and Sumit Bansal, led the firm’s team in the transaction.
Trilegal has advised Capital Infra Trust (formerly National Infrastructure Trust) and Gawar Construction, as the sponsor selling unitholder, on the IPO of units. An infrastructure investment trust sponsored by Gawar Construction, Capital Infra Trust (CIT) was established on September 25, 2023 as an infrastructure investment trust. The Trust acquired will manage and invest in nine completed and revenue generating Initial Portfolio Assets (IPAs), aggregating to approximately 682 kms, operated and maintained pursuant to concessions granted by the NHAI, and owned and operated by the Project SPVs. In addition to the IPAs, CIT, through the investment manager, has the right to acquire new projects through a right of first offer with Gawar Construction, in accordance with the Right of First Offer Agreement. The book-running lead managers were SBI Capital Markets and HDFC Bank. The CIT units were listed in India on January 17, 2025. CIT issued approximately 159.4 million units for cash at Rs99 (US$1.14) per unit, aggregating to approximately Rs15.8 million (US$182,826.23), comprising a fresh issue by CIT of approximately 108.8 million units, aggregating to approximately Rs10.8 million (US$124,964.86), and Gawar Construction offered approximately 50.6 million units, aggregating to approximately Rs5 billion (US$57.85m). Partners Abhinav Maker and Rudresh Singh led the firm’s team in the transaction.
Trilegal is also advising Lumino Industries and the promoter selling shareholders on Lumino’s proposed IPO of equity shares. Lumino is a product-driven integrated engineering, procurement and construction (EPC) player in India, with strong focus on manufacturing and supplying conductors, cables and wires and other specialised products and components to the growing power distribution and transmission industry in India. Lumino also manufactures high-temperature low-sag (HTLS) conductors used in distribution and transmission lines in India. Its products are used in a wide range of power distribution and transmission projects, industrial applications, electrical wiring, renewable energy projects, communication systems, electrical panels and railway network applications. The proposed IPO comprises a fresh issue aggregating up to Rs6 billion (US$69.4m) and an offer for sale aggregating up to Rs4 billion (US$46.3m) by two of their promoters, Devendra Goel and Jay Goel. The book-running lead managers are Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital. Lumino has filed its draft red herring prospectus dated January 20, 2025, with the SEBI and the stock exchanges. Partner Abhinav Maker is leading the firm’s team in the transaction.
Moreover, Trilegal has advised Tata Electronics on a joint venture with Pegatron Corporation Taiwan – Pegatron Technology India (PTI). Tata Electronics Systems Solutions, a wholly-owned subsidiary of Tata Electronics, has acquired a 60 percent equity stake in PTI. This partnership between Tata and Pegatron will boost Tata’s iPhone manufacturing plans in India, and marks a significant milestone in the evolution of India’s electronics manufacturing sector. Partners Harsh Maggon, Ankit Kejriwal, Mridul Kumbalath and Kanishka Maggon led the firm’s team in the transaction.
TT&A has advised GuarantCo on a partial guaranty provided to the Hongkong and Shanghai Banking Corporation under the structured obligation regulations (pursuant to the ECB Master Directions), in relation to the loans provided by HSBC to Aryadhan Financial Solutions and Aryatech Platforms. Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction, while Addleshaw Goddard acted as English law counsel.
