AZB & Partners has advised Nuvama Wealth Management (formerly known as Edelweiss Securities) and DAM Capital Advisors, as the book-running lead managers, on the qualified institutions placement of Sterling and Wilson Renewable Energy’s equity shares with face value of Rs1 (US$0.012) each for Rs15 billion (US$181m). Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on December 14, 2023.
Allen & Gledhill has acted as transaction counsel to DBS Bank, United Overseas Bank, Oversea-Chinese Banking Corporation and Sumitomo Mitsui Banking Corporation Singapore Branch on the S$970 million (US$721m) term and revolving loan facilities to Jewel Changi Airport Trustee, the trustee-manager of Jewel Changi Airport Trust. The facilities will be used to refinance the development of Jewel Changi Airport. Partner Lim Wei Ting led the firm’s team in the transaction.
Allen & Gledhill has also advised DCW and DCKC on the S$535 million (US$397m) green loan facilities granted by DBS Bank, Oversea-Chinese Banking Corporation, United Overseas Bank and Standard Chartered Bank (Singapore) to DCW and DCKC. The loan facilities were intended to refinance borrowings and support the operations of two of Singtel’s data centres, DC West and DC Kim Chuan. Partner Ong Kangxin led the firm’s team in the transaction, which is the first green loan obtained by Singtel.
Moreover, Allen & Gledhill has acted as transaction counsel to Square Peg and Novo Holdings on jointly leading the US$40.8 million series C1 extension all-equity funding round in Doctor Anywhere, a Singapore-headquartered regional tech-led healthcare company. With a strong network of established healthcare providers and experienced doctors, the Doctor Anywhere mobile app empowers users to consult a licensed local doctor anytime, anywhere, and get medication delivered to their doorsteps within hours. Partner Nicholas Soh led the firm’s team in the transaction.
Clifford Chance has advised Hong Kong-listed AIA Group on its US$2.638 billion automatic guaranteed discounted volume weighted average price (VWAP) share buy-back programme, under its US$10 billion ongoing on-market share buy-back programme announced in March 2022. This is the first guaranteed discounted VWAP share buy-back programme established by a Hong Kong-listed company under new guidance published by the Hong Kong Stock Exchange in October 2023. The largest independent publicly listed pan-Asian life insurance group with presence in 18 markets, AIA offers a range of products and services, including life insurance, accident and health insurance and savings plans. Partners Virginia Lee and Francis Edwards led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised ICICI Securities, Citigroup Global Markets India, Kotak Mahindra Capital and Ambit, as the book-running lead managers, on the IPO of India Shelter Finance. The debut offering consisted of India Shelter Finance’s approximately 24.34 million equity shares at face value of Rs5 (US$0.06) each for cash, at a price of Rs493 (US$5.94) per equity share at face value of Rs5 (US$0.06) each, including a securities premium of Rs488 (US$5.88) per equity share, aggregating to Rs12 billion (US$144.5m). Partners Yash Ashar (capital markets head) and Reuben Chacko (southern regional markets co-head) led the firm’s team in the transaction, which was signed on December 16, 2023 and closed on December 20, 2023. Sidley Austin acted as international counsel.
Cyril Amarchand Mangaldas has also advised Zenex on its acquisition of 100 percent stake in Ayurvet. Partner Ravi Shah, supported by partners Ashish Jain and Lakshmi Prakash, led the firm’s team in the transaction, which closed on December 14, 2023. Juris Legal advised Ayurvet.
Davis Polk has advised New York-listed Amer Sports on its SEC-registered IPO of 105 million ordinary shares for total gross proceeds of US$1.37 billion. The underwriters have an option to purchase up to an additional 15.75 million ordinary shares. The offering was expected to close on February 5, 2024, subject to the satisfaction of customary closing conditions. Amer Sports is a global group of iconic sports and outdoor brands, including Arc’teryx, Salomon, Wilson, Peak Performance and Atomic. Elevating the world through sport – from courts to slopes, from cities to mountains and everywhere in between – Amer Sports aims to inspire people to explore and experience the joy of sports and outdoor activities, and lead better, healthier lives. Partners Li He, Michael Kaplan and Roshni Banker Cariello, supported by partners Jennifer Conway (executive compensation) and Michael Mollerus (tax), led the firm’s team in the transaction.
Khaitan & Co has advised Tata Consumer Products on acquiring 100 percent equity stake of Capital Foods via secondary purchase of shares from the Capital Foods promoter and existing shareholders for a total consideration of Rs51 billion (US$614m). The transaction contemplates the acquisition of 75 percent stake upfront, with the remaining 25 percent to be acquired within three years, subject to process and trigger events agreed in the transaction documents. Through this strategic investment, Tata Consumer Products announced its entry into the “desi chinese” food category. Capital Foods markets its products in the desi Chinese category under the primary brand name “Chings” and “Smith & Jones”. Senior partner Haigreve Khaitan and partners Surbhi Kejriwal and Anshuman Mozumdar, supported by executive director Vinita Krishnan and partners Shailendra Bhandare, Amit Haresh Wadhwani, Anshul Prakash, Kingshuk Banerjee and Anshuman Sakle, led the firm’s team in the transaction, which is the biggest acquisition, in terms of deal value, by Tata Consumer Products.
Khaitan & Co has also advised General Atlantic on the Indian aspects of its acquisition of Actis. The acquisition will create a diversified, global investment platform with approximately US$96 billion in combined assets under management. Under the terms of the definitive documents, Actis will become the sustainable infrastructure arm within General Atlantic’s global investment platform. Partner Rabindra Jhunjhunwala, supported by partners Moin Ladha, Divaspati Singh, Anisha Chand, Smriti Yadav, Deepak Kumar, Kingshuk Banerjee, Avnish Sharma and Abhiraj Gandhi, led the firm’s team in the transaction, which is subject to customary closing conditions, including regulatory and anti-trust approvals and investor consents. Paul, Weiss, Rifkind, Wharton & Garrison, led by partners Matthew Abbott, Cullen Sinclair and Conrad van Loggerenberg, also advised on the deal.
Rajah & Tann Singapore has acted for Grand Apex Holdings on the sale to a Hong Kong investment company of the iconic Popular Holdings, which has a presence in Singapore, Malaysia, China and the United States. The Popular bookstore chain has been operational in Singapore since 1924, and has been a staple entity to many Singaporeans with their wide range of English and Chinese literature, as well as assessment books. Capital markets / M&A partners Lim Wee Hann and Loh Chun Kiat supported by corporate real estate partners Norman Ho and Benjamin Tay, led the firm’s team in the transaction.
Rajah & Tann Singapore and Assegaf Hamzah & Partners, member firms of Rajah & Tann Asia, have advised Marubeni Growth Capital Asia (MGCA) on its acquisition of a significant minority stake in Oneject Indonesia, a leading manufacturer of medical consumables in Indonesia. The investment in Oneject represents MGCA’s first transaction in the healthcare sector in Southeast Asia, and its third investment overall. Partners Sandy Foo, Valerie Ngooi, Benjamin Cheong and Goh Jun Yi led the firm’s team in the transaction.
Rajah & Tann Singapore and Rajah & Tann LCT Lawyers have advised Marubeni Growth Capital Asia, a wholly-owned subsidiary of Marubeni Corporation, on its acquisition of a strategic minority stake in AIG Asia Ingredients, a leading supplier and manufacturer of food ingredients and packaged food product in Vietnam. Partners Sandy Foo, Goh Jun Yi and Que Vu, alongside counsel Trinh Minh Duc, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised GMR Airports on the acquisition of 11 percent shareholding in GMR Hyderabad International Airport, thereby increasing GMR Group’s stake in Hyderabad airport from 63 percent to 74 percent. This acquisition represents 10.998 percent of share capital from MAHB (Mauritius) and 0.002 percent of GMR Hyderabad International Airport’s share capital from Malaysia Airports Holdings. Infrastructure, energy and project finance national head Jatin Aneja and partner Prashant Sirohi led the firm’s team in the transaction, which was valued at approximately US$100 million and closed on January 25, 2024. MAHB (Mauritius) and Malaysia Airports Holdings were advised by AZB & Partners and Trowers & Hamlins.
Shardul Amarchand Mangaldas has also advised Petronet LNG, India’s largest liquefied natural gas importer, on the setting up of the first LNG storage and regasification terminal at the recently constructed Gopalpur Port in Orrisa. Infrastructure, energy and project finance partners VR Neelakantan and Prashant Sirohi led the firm’s team in the transaction, which is valued at approximately US$277 million. Gopalpur Ports was advised by Quillon Partners.
Moreover, Shardul Amarchand Mangaldas has advised Vidal Healthcare Services and its group entities on its acquisition by Bajaj Finserv Health. Partners Shailaja Lall and Shivangi Talwar led the firm’s team in the transaction, which is valued at approximately US$39.1 million and was signed on January 30, 2024. Chitale Legal advised Bajaj Finserv Health.
S&R Associates has represented S&P Global, the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity market, on the Indian aspects of the US$975 million sale of its Global Engineering Solutions Business to investment funds managed by KKR, a leading global investment firm. Partners William Vivian John, Ajinkya Gunjan Mishra and Sumit Bansal led the firm’s team in the transaction.
Trilegal has acted as transaction counsel to Kerala Infrastructure Investment Fund Board (KIIFB), a statutory body and one of the largest state public sector undertakings in Kerala, the debenture holders and the arrangers (comprising of Trust Group, Tipsons Group and AK Capital) on KIIFB’s issuance of rupee-denominated listed and unsecured non-convertible debentures aggregating to approximately Rs10 billion (US$120m), and the re-issuance of rupee-denominated listed and unsecured non-convertible debentures aggregating to INR 4.97 billion (US$60m). The non-convertible debentures are supported by an unconditional and irrevocable guarantee issued by the Kerala government. Banking and finance partner Joseph Jimmy led the firm’s team in the transaction.
Trilegal has also advised Milestone Technologies, a global IT Services and Digital Solutions company based in Silicon Valley, on its US$26 million acquisition in four tranches of 100 percent stake in Suyati Technologies and its subsidiaries in the US and Canada. Kochi, India-headquartered Suyati Technologies is an IT company providing technology services and solutions in Microsoft and Cloud Technologies, Salesforce Platform and Advanced Analytics. Corporate partner Clarence Anthony, supported by partners Jyotsna Jayaram (TMT), Swarnima (labour and employment) and Samsuddha Majumder (tax), led the firm’s team in the transaction.
Moreover, Trilegal has advised Ontario Teachers’ Pension Plan (OTPP) on multiple rounds of approximately US$114 million follow-on investments, via a combination of routes, in Highways Infrastructure Trust, a SEBI-registered infrastructure investment trust sponsored by KKR. The Highways Infrastructure Trust owns a mixed portfolio of toll and annuity road assets. OTPP has stepped-up its stake in the unit capital of Highways Infrastructure Trust to 19.5 percent from 7.51 percent, which was acquired in 2022 as part of the initial offering of these units. Corporate partners Sanjam Arora and Vishal Sagar led the firm’s team in the transaction.
