AZB & Partners has advised Client Rosehill, CVCIGP II Employee Rosehill, Global Impact Funds, SCA, SICAR, sub-fund Global Financial Inclusion Fund, Growth Partnership II Ajay Tandon Co-Investment Trust, Growth Partnership II Siva Shankar Co-Investment Trust and Hero Enterprise Partner Ventures, as the selling shareholders, on Jana Small Finance Bank’s IPO comprising a fresh issue of equity shares aggregating up to Rs4.62 billion (US$55.7m) and an offer for sale aggregating up to Rs1.1 billion (US$13.3m) by the selling shareholders. The equity shares listed on February 14, 2024. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction.
AZB & Partners is also advising OCP, a member of the promoter/promoter group of Paradeep Phosphates, on its Rs16.43b (US$198m) acquisition of Mangalore Chemicals and Fertilizers. Partner Vaidhyanadhan Iyer is leading the firm’s team in the transaction, which was signed on February 7, 2024 and is yet to be completed.
Moreover, AZB & Partners has advised FIH Mauritius Investments on its sale of shares of the National Stock Exchange of India to 360 One. Partners Darshika Kothari and Kritika Agarwal led the firm’s team in the transaction, which was completed on January 29, 2024.
Baker McKenzie has advised Nexif Ratch Energy SE Asia, a joint venture company owned by Nexif Energy of Singapore and Ratch Group of Thailand, on the acquisition of 100 percent of the shares in Minh Luong Energy Development, together with its 30 MW Minh Luong hydropower project located in Van Ban district, Lao Cai province, Vietnam. This Minh Luong Project has been in commercial operation since April 2018, and has played an important role in ensuring the electricity security in Lao Cai province, specifically, and the Northern Vietnam area, generally. The acquisition contributes to strengthening Nexif Ratch Energy portfolio’s growth path in renewables in Vietnam, as well as in the Asia Pacific region. Projects and energy partner Thanh Hai Nguyen led the firm’s team in the transaction.
Cleary Gottlieb has represented Trimco Group on its acquisition of Zabin Group. The acquisition, announced on December 15, 2023, further expands Trimco Group’s presence in the US. Owned by Brookfield Asset Management, Hong Kong-based Trimco Group is a leading global provider of brand identity products to a wide range of international fashion and sports brands. Los Angeles-based Zabin Group is a leading supplier of design and branding products, with offices in Hong Kong, India and Bangladesh. The acquisition will allow the combined business to better serve local customers by leveraging Trimco Group’s global production footprint and innovative digital solutions focused on supply chain and sustainability, including the market-leading traceability platform Product DNA®. The firm previously represented Brookfield Asset Management on its acquisition of Trimco Group in November 2022, and represented Trimco Group on its acquisition of Wah Lung Labels in May 2023. Beijing partner Denise Shiu led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised Swiss Parenterals on the acquisition of its 70 percent stake by Indian branded formulations company Eris Lifesciences and its promoter group. For the expansion of its sterile injectables footprint, Eris acquired 51 percent equity stake in Swiss Parenterals, a leading player in the sterile injectables business in more than 80 emerging markets across Africa, the Asia Pacific and Latin America, with two manufacturing facilities in Gujarat, accredited by more than 50 regulatory authorities worldwide, including the EU-GMP, Brazilian Anvisa, Mexican Cofepris and the Australian TGA. The promoter group of Eris concurrently acquired additional 19 percent equity stake in Swiss Parenterals, thereby bringing the total equity stake of Eris and its promoter group in the company to 70 percent. Partner Ravi Shah, supported by partner Lakshmi Prakash, led the firm’s team in the transaction, which was signed on February 13, 2024 and closed on February 15, 2024.
Saraf and Partners has advised the Committee of Creditors (CoC) led by the State Bank of India, on the corporate insolvency resolution process of Simplex Projects, in accordance with the provisions of the Insolvency and Bankruptcy Code 2016 and relevant regulations. The resolution plan submitted by the company’s promoter was approved by the CoC and declared as the successful resolution plan. An application seeking approval of the resolution plan has been filed by the resolution professional before the NCLT and is currently pending adjudication. Following the rejection of the resolution plan by the CoC, based on unsolicited addendums submitted subsequently by the unsuccessful resolution applicant, the NCLT allowed the CoC to re-consider the revised offer, in the spirit of maximisation of value, after which the CoC approved the same. Partner Abir Lal Dey, supported by senior partner Bikash Jhawar, led the firm’s team in the transaction.
Saraf and Partners has also advised on Indiabulls Housing Finance’s US$445 million rights issue. Indiabulls had set the price for the rights issue at Rs150 (US$1.81) per share, with shareholders entitled to one rights equity share for every two that they held in the company as of February 1, 2024. Indiabulls is among the top five housing finance companies in India, in terms of asset under management. Capital markets partner Murtaza Zoomkawala led the firm’s team in the transaction, which is one of the largest rights issues out of India recently. Nuvama Wealth Management and InCred Capital Wealth Portfolio Managers, the lead managers, were advised by Khaitan & Co with a team led by partner Thomas George and by Linklaters with a team led by India practice head Amit Singh.
Shardul Amarchand Mangaldas has advised Eris Lifesciences on its acquisition, together with certain individual purchasers, of a majority stake in Swiss Parenterals (SP) from SP’s existing shareholders. The aggregate deal value is approximately Rs8.75 billion (US$105.5m), paid through a combination of cash and issuance by Eris of secured, redeemable non-convertible debentures. After completion of the transaction, Eris holds 51 percent, while the individual purchasers collectively hold approximately 19 percent, of the share capital of SP. The transaction augments the capability of Eris in the sterile injectables segment. Partners Nivedita Tiwari and Devesh Pandey, supported by partners Shilpa Mankar Ahluwalia, Shubhangi Garg, Gouri Puri and Ritwik Bhattacharya, led the firm’s team in the transaction. Swiss Parenterals and the sellers were advised by Cyril Amarchand Mangaldas.
Shardul Amarchand Mangaldas & Co has advised Amber Internet Solutions on its Series A funding round led by Gaja Capital India Fund 2020. Partner Navruz Vakil led the firm’s team in the transaction, which was valued at approximately US$21 million. Gaja Capital India Fund 2020 was advised by Pioneer Legal.
Moreover, Shardul Amarchand Mangaldas & Co has advised Nexxbase Marketing on its Series A fundraise via strategic investment by Bose Corporation. Partner Navruz Vakil led the firm’s team in the transaction, which was valued at approximately US$10 million, and closed in December 2023. Bose Corporation was advised by JSA.
Simpson Thacher has advised CVC on the establishment of its sixth Asia fund, CVC Capital Partners Asia VI (Asia VI). CVC is a leading global private markets manager focused on private equity, secondaries, credit and infrastructure. The fund closed with US$6.8 billion in commitments. Asia VI saw strong demand from new and returning blue chip investors, enabling it to significantly exceed its US$6 billion target and original hard cap. The fund lifts CVC’s Asia platform to one of the leading players in the region, having now raised over US$21 billion of commitments across its Asia focused funds. Asia VI is 50 percent larger than its predecessor, CVC Capital Partners Asia V, which was raised in 2020 and closed at US$4.5 billion. London funds partners Dan Lloyd and Gareth Earl led the firm’s team in the transaction.
Skadden has advised Lotus Technology, a leading global luxury electric vehicle maker, on its merger with L Catterton Asia Acquisition, a special purpose acquisition company formed by affiliates of L Catterton, a global consumer-focused investment firm, at an enterprise value of US$5.4 billion. The de-SPAC transaction closed on February 22, 2024. The combined company retains Lotus Tech’s name as “Lotus Technology”; its American Depositary Shares commenced trading on the Nasdaq on February 23, 2024. Corporate partners Peter Huang (Beijing), Shu Du (Hong Kong) and Brian Breheny (Washington DC), supported by New York partners Victor Hollender (tax) and Bruce Goldner (intellectual property), led the firm’s team in the transaction.
S&R Associates has represented the broker on the Rs17 billion (US$205m) bulk deal sale on the Indian stock exchanges of 65.5 million equity shares of Vedanta, a leading natural resources and technology conglomerate, by Finsider International, a promoter selling shareholder. Partner Sudip Mahapatra led the firm’s team in the transaction.
Trilegal has advised Credit Saison India (Kisetsu Saison Finance (India)) on a primary investment in Credit Saison India by Mizuho Bank and its subsidiary, resulting in the acquisition of an approximately 15 percent stake in Credit Saison India by Mizuho and its subsidiary. Credit Saison India is a systemically important non-deposit taking non-banking financial company engaged in wholesale, as well as retail, lending. Credit Saison India is a subsidiary of Tokyo-listed Japanese financial services company Credit Saison. Corporate partner Yogesh Bhattarai, supported by partners Ameya Khandge (banking and finance) and Richa Choudhary (Capital Markets), led the firm’s team in the transaction.
Trilegal has also advised Apollo Logisolutions on the divestment of 100 percent of its shareholding in its wholly-owned subsidiary Kailash Shipping Services, which operates a container freight station and provides logistics solutions. Pursuant to the transaction, 100 percent of the shareholding of Kailash Shipping Services was acquired by Dahnay Logistics. Corporate partner Charandeep Kaur led the firm’s team in the transaction.
WongPartnership is acting for a global investment firm on its partnership with Seviora Capital for the Seviora T3F Strategy. Partner Low Kah Keong is leading the firm’s team in transaction.
