AZB & Partners is advising R Systems International and its promoter / promoter group on the Rs15 billion (US$183.6m) acquisition by BCP Asia II Topco II, a fund set by Blackstone, of 51.67 percent of R Systems International from Fairfax, along with General Atlantic Singapore Fund. Partners Anil Kasturi, Niladri Maulik and Siddharth Khanna are leading the firm’s team in the transaction, which was signed on November 16, 2022 and is yet to be completed.
AZB & Partners is also advising India Infrastructure Fund II, a fund managed by Global Infrastructure Partners India, on the Rs28 billion (US$343m) acquisition by Green Infra Wind Energy, a wholly-owned subsidiary of Sembcorp Green Infra, of 100 percent stake in Vector Green Energy from India Infrastructure Fund II. Partners Zia Mody, Atreya Bhattacharya and Aditya Periwal are leading the firm’s team in the transaction, which was signed on November 12, 2022 and is yet to be completed.
Clifford Chance has advised Rizal Commercial Banking Corporation (RCBC) on the international aspects of the investment by Sumitomo Mitsui Banking Corporation (SMBC) into RCBC, increasing SMBC’s stake in RCBC to 20 percent. The investment involves RCBC’s sale to SMBC of common stock held by RCBC in treasury, as well as the subscription by SMBC of new common stock in RCBC, for a total consideration of PHP27.13 billion (US$479.5m). With over 400 branches nationwide, RCBC is a leading commercial bank in the Philippines, recognised for its digital banking and ESG initiatives. The SMBC investment will enhance RCBC’s digital plans, extend the reach of its Sustainable Finance Framework, and expand its core business to key customer segments. The strategic investment by SMBC expands the Japanese bank’s presence across South East Asia. Singapore managing partner Valerie Kong led the firm’s team in the transaction, while Romulo Mabanta Buenaventura Sayoc & de los Angeles advised on Philippine law aspects of the deal.
Cyril Amarchand Mangaldas has advised Blackstone Group on the acquisition of Indian-listed R Systems International, a company which renders digital and product engineering services globally. The acquisition is for a total consideration of US$359 million, and involves a delisting offer by Blackstone. As a part of the transaction, Blackstone Group, through a company in Singapore, BCP Asia II Topco II, has agreed to purchase a majority stake in R Systems from its current promoters. Partners Shishir Vayttaden and Gautam Gandotra, supported by partners Abhishek Sharma (real estate co-head), Abhilash Pillai, Ashish Jain, Arun Prabhu (TMT head), Anirban Mohapatra, Richa Mohanty Rao, Avaantika Kakkar (competition head); Kaustav Kundu and Bharat Vasani, led the firm’s team in the transaction, which was signed on November 16, 2022. Simpson Thacher & Bartlett acted as international counsel.
Cyril Amarchand Mangaldas has also advised BofA Securities India, as the broker, on the US$200 million sale by SoftBank Group member SVF India Holdings (Cayman) on India’s stock exchanges of approximately 29.35 million equity shares of One 97 Communications, representing 4.5 percent stake in the company. Markets practice western region head partner Abhinav Kumar led the firm’s team in the transaction, while Sidley Austin acted as international counsel. Khaitan & Co acted as Indian counsel, while Walkers (Cayman) acted as Cayman counsel to SVF India Holdings (Cayman).
Khaitan & Co has advised Kotak Mahindra Bank on its investment in secured, unlisted, redeemable and non-convertible debentures aggregating to Rs5 billion (US$61m) issued by Torrent Pharmaceuticals. Torrent Pharmaceuticals proposed to utilize the proceeds of the debentures towards reimbursement of capital expenditure, fresh capital expenditure, research and development expenditure, long-term working capital requirements and purchase of brand or any other approved purposes. The debentures would be secured by a first-ranking pari passu charge over Torrent Pharmaceuticals’ identified movable and immovable assets, including its intellectual property rights. Partners Kumar Saurabh Singh and Rahul Chakraborti led the firm’s team in the transaction, which was announced on November 9, 2022.
Khaitan & Co is also advising B9 Beverages (Bira 91) on its US$70 million second round of investment from Kirin Holdings, which had invested US$30 million in Bira 91 in 2021. A start up with the mission to bring a craft beer revolution in India, B9 Beverages manufactures and markets Bira91 beer. Partner Mayank Singh, supported by partner Pranjal Prateek, is leading the firm’s team in the transaction, which was announced on November 22, 2022 and is yet to be completed.
Paul Hastings has advised Haitong International Capital, as the sole sponsor, and the underwriters on the HK$340 million (US$43.5m) global offering and listing of LX Technology Group in Hong Kong. LX Technology is a device lifecycle management solution provider, which sells refurbished de-commissioned IT devices, and provides device and IT technical subscription services to SMEs in China. Global partner and Greater China chair Raymond Li and corporate partners Jean Yu, Vincent Wang and Peter Cheng led the firm’s team in the transaction.
Rajah & Tann Singapore is advising Sinochem International (Overseas) on its US$180.9 million sale of shares in Singapore-listed Halcyon Agri to China Hainan Rubber Industry Group. The sale will result in China Hainan Rubber triggering a pre-conditional mandatory general offer for all the shares in Halcyon Agri, which values the group at US$502.4 million. Partners Danny Lim and Penelope Loh are leading the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for ST Engineering Land Systems on the sale of the entire issued and paid-up share capital of its wholly-owned subsidiary, Singapore Test Services, to Element Materials Technology Singapore. Partners Chia Kim Huat and Favian Tan led the firm’s team in the transaction, alongside partners Benjamin Tay (corporate real estate aspects) and Vikna Rajah (tax aspects).
Trilegal has advised Keystone Realtors (Rustomjee) and its promoters (selling shareholders) on its IPO of equity shares aggregating to Rs6.35 billion (US$78m). Established in 1995, Rustomjee is a prominent real estate developer based out of Mumbai, and has developed approximately 20.22 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools and iconic landmarks. The IPO comprises a fresh issuance of equity shares and an offer for sale by existing shareholders. The proceeds from the fresh issuance are proposed to be deployed towards repayment of certain loans, funding acquisition of future real estate projects and general corporate purposes. The IPO was anchored by marquee investors, such as Abu Dhabi Investment Authority, Morgan Stanley and SBI Life Insurance, among others. The equity shares were listed at a premium on the bourses on November 24, 2022. Partner Richa Choudhary, supported by partner Mridul Kumbalath, led the firm’s team in the transaction.
Trilegal has also represented TPG Growth IV SF on the block sale of approximately 54.2 million equity shares of FSN E-Commerce Ventures (Nykaa), amounting to Rs10 billion (US$122.4m). TPG was an investor in Nykaa prior to its IPO, and sold its partial stake in the same. The block sale is its second sale post-expiry of the IPO lock-in period, and closely follows a previous trade with Morgan Stanley, which was also advised on by the firm. Citi was the placement agent for the block sale. Partner Richa Choudhary, supported by corporate practice group head partner Yogesh Singh, led the firm’s team in the transaction.
