Allen & Gledhill has advised Bayfront Infrastructure Management on the issue of US$500 million 4.257 percent notes due 2026, guaranteed by the Government of Singapore. The Hongkong and Shanghai Banking Corporation Singapore Branch and Standard Chartered Bank (Singapore) were appointed joint lead managers of the notes. Partners Yeo Wico, Jeanne Ong and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised Olive Vine Investment, an affiliate of Warburg Pincus, and Avanse Financial Services on the Rs8 billion (US$97m) acquisition by Kedaara Capital Growth Fund III of 15.3 percent stake in Avanse Financial Services. The first tranche of the acquisition was completed on January 19, 2023, while the second tranche was completed on May 24, 2023. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction.
AZB & Partners has also advised Clean Max Enviro Energy Solutions and its founder, Mr Kuldeep Jain on the Rs28 billion (US$340m) acquisition of 51 percent of equity stake by BGTF One Holdings (DIFC) in Clean Max Enviro Energy from Augment India I Holdings, DSDG Holding APS, UK Climate Investments Apollo, Founder and Mrs Nidhi Jain. Partners Niladri Maulik, Harsh Kabra, Anuja Tiwari, Mallika Anand and Hemangini Dadwal led the firm’s team in the transaction, the first closing of which was completed on May 25, 2023.
Moreover, AZB & Partners has advised Trelleborg Holding AB on the acquisition by Trelleborg Group, through Trelleborg Holding AB & Trelleborg AB, of 100 percent shareholding of Moldura Tech. Partners Bhuvana Veeraragavan, Aditya Singh Chandel and Gautam Rego led the firm’s team in the transaction, which was completed on May 25, 2023.
Further, AZB & Partners has advised Air India Express and AIX Connect on the subleasing of two Boeing 737 aircrafts by Vistara to Air India Express. Partners Anand Shah, Gaurav Bansal and Siddharth Paranjpe led the firm’s team in the transaction, which was completed on February 10, 2023.
Clifford Chance has advised ING, MUFG and Standard Chartered Bank, as joint global coordinators, joint book-runners and joint lead managers, on Bauhinia ILBS 1’s US$404.8 million pilot project finance and corporate infrastructure collateralised loan obligation (CLO) cash flow securitisation, sponsored by The Hong Kong Mortgage Corporation (HKMC). HKMC is a company wholly-owned by The Government of the Hong Kong Special Administrative Region of China, through the Exchange Fund. The transaction marks the first infrastructure loan-backed CLO sponsored by HKMC, the first issued out of Hong Kong by a Hong Kong-incorporated orphan special purpose vehicle, and the first such transaction listed in Hong Kong. The transaction also includes a sustainability tranche backed by eligible loans under HKMC’s Social, Green and Sustainability Financing Framework. Hong Kong partners Francis Edwards and Dauwood Malik led the firm’s team in the transaction. A separate team led by London partner Bruce Kahl advised DB Trustees (Hong Kong) as the trustee.
Cyril Amarchand Mangaldas has advised on the IPO and listing of ordinary units of the Cube Highways Trust (Cube Trust, acting through its Investment Manager, Cube Highways Fund Advisors), a privately placed infrastructure investment trust (InvIT), aggregating to Rs52.26 billion (US$634m). The firm also advised on the formation of the Cube Trust, involving the transfer of 18 special purpose vehicles to the Cube Trust. Pursuant to such formation, the Cube Trust issued ordinary units and subordinate units to its sponsors, Cube Highways and Infrastructure (CH-I) and Cube Highways and Infrastructure III (CH-III). Citigroup Global Markets India and JP Morgan India acted as placement agents for the offer, while Axis Bank acted as escrow agent for the issuer. Partners Yash Ashar (capital markets head), Kranti Mohan (REITs and InvITs head) and Janhavi Seksaria, supported by partners L Viswanathan (finance, projects and insolvency chair), Uday Khare, Yash Jain, Ruetveij Pandya, Avaantika Kakkar (competition law head) and Dhruv Rajain, led the firm’s team in the transaction, which closed on April 19, 2023. Linklaters Singapore acted as international counsel for the placement agents.
JSA has advised Prism Johnson (formerly Prism Cements) on its investment in Renew Green (MPR Two), a special purpose vehicle promoted by ReNew Green Energy Solutions (ReNew) for supply of power from a 23 MW wind power project to be developed by Renew in Madhya Pradesh. This is among the various renewable energy assets, and the first wind power project, in which Prism has invested for meeting the electricity requirements for its cement production facility at Satna, Madhya Pradesh, with a waste heat recovery system and various solar power projects previously installed and commissioned at this facility. Prism Johnson’s procurement of renewable power is in line with its long-term strategy of reducing its carbon footprint, and transitioning to meeting its power consumption requirements from sustainable energy sources. Partners Vishnu Sudarsan and Shashank Singh led the firm’s team in the transaction.
JSA has also advised HDFC Bank, BOB Capital Markets, IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors and Systematix Corporate Services on the qualified institutions placement by Bank of Maharashtra (BOM). BOM filed a placement document on June 6, 2023 for an issue of approximately 351 million equity shares aggregating to approximately Rs10 billion (US$121.4m) to qualified institutional buyers. As one of the prominent public sector banks in Maharashtra, BOM offers a diversified portfolio of banking products and services to corporate, retail, agriculture and micro, small and medium enterprise customers. BOM’s operations are internally aligned into distinct business lines pertaining to wholesale banking operations, retail banking operations, treasury operations and other banking operations. Partner Arka Mookerjee, supported by partner Siddhartha Desai, led the firm’s team in the transaction, which is the largest QIP by a bank in the last 18 months.
Shardul Amarchand Mangaldas & Co has advised Oben Ventures on establishing Go Digit Life Insurance as a life insurance company, and on structuring its investment in Go Digit Life. Go Digit Life has been granted a certificate of registration by the Insurance Regulatory and Development Authority of India at its meeting held on June 2, 2023 to conduct life insurance business in India. Go Digit Life’s registration takes the number of life insurance companies in India to 26. Backed by Kamesh Goyal, Oben Ventures is a promoter of Go Digit Life, which is among the first few companies to have obtained registration as an insurer under the recently issued IRDAI (Registration of Indian Insurance Companies) Regulations 2022. Go Digit Life marks the foray of Kamesh Goyal, the founder of Go Digit General Insurance, in the life insurance space. Partners Shailaja Lall, Anu Susan Abraham and Ashish Teni led the firm’s team in the transaction.
Trilegal has advised Velotio Technologies and its existing shareholders on the acquisition of Velotio Technologies’ entire equity share capital by listed Blackstone portfolio company R Systems International for an upfront consideration of approximately Rs2.8 billion (US$34m). Velotio Technologies is a leading product engineering and digital solutions company based in Pune, India. Partner Gautam Singh led the firm’s team in the transaction, which is subject to customary closing conditions.
WongPartnership is acting for DigiTech Holding on its voluntary unconditional cash offer of 56 cents per share for Challenger Technologies. The offer is being made with a view to delist the company from Singapore. Partners Andrew Ang and Anna Tan are leading the firm’s team in the transaction
WongPartnership has also successfully acted for Japanese logistics company SBS Holdings, one of the respondents, on an SIAC Arbitration commenced against it and another Singapore entity pertaining to claims for breaches of certain clauses in a Memorandum of Understanding, Share Purchase Agreement and Shareholders Agreement. The alleged breaches, among others, are that the Respondents failed to assist the JV company in obtaining opportunities to integrate in the Japan market, to make best efforts to procure an IPO for the JV company, and to provide corporate guarantees to secure credit facilities entered into by the JV company. The SIAC tribunal dismissed the Claimants’ claims for damages in excess of S$48 million (US$36m), and awarded substantial costs to the Respondents. Currently, steps are being taken to enforce the costs award before various jurisdictions. Partner Koh Swee Yen, Senior Counsel, is leading the firm’s team in the matter.
