AZB & Partners is advising Bain Capital Private Equity on its Rs414 billion (US$5b) acquisition of PowerSchool Holdings and its Indian subsidiaries, including PowerSchool India and Jarulss Software Solutions. Partner Nilanjana Singh is leading the firm’s team in the transaction, which was signed on June 7, 2024 and is yet to be completed.
AZB & Partners has also advised Anshul Life Sciences on the acquisition of Anshul Life Sciences by Barentz Distribution India, a wholly-owned SPV of Barentz International. Partners Vaidhyanadhan Iyer and Sneha Nagvekar led the firm’s team in the transaction, which was completed on July 25, 2024.
Moreover, AZB & Partners is advising Blu-Smart Mobility on the Rs2 billion (US$24m) acquisition of stake in Blu-Smart Mobility by responsAbility Investments, private investor Sumant Sinha and private individual Mahendra Singh Dhoni. Partners Anil Kasturi and Ashish Pareek are leading the firm’s team in the transaction, which was signed on July 4, 2024 and is yet to be completed.
Allen & Gledhill has advised CLI Treasury and CapitaLand Investment on the issue of S$350 million (US$268m) 3.58 percent notes due 2035 by CLI Treasury, under its S$6 billion (US$4.6b) euro medium term note programme. CapitaLand Investment unconditionally and irrevocably guaranteed the notes. Partners Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised venture capital firm Journey Capital Partners on leading the Series A2 investment in Asa Technology, the Singapore-based holding company of Manuva, an Indonesia-based supply chain start-up which is developing a platform that connects small and medium-sized enterprise manufacturers, which produce ready-made, custom-made packaging and semi-branded goods, with retailers and enterprise customers. Partner Nicholas Soh led the firm’s team in the transaction.
Christopher & Lee Ong, member firm of Rajah & Tann Asia, acted as local counsel for AirAsia on its issuance, via its wholly-owned SPV AirAsia RB 1, of US$443 million Regulation S notes secured by revenue from future airline ticket sales. Partners Jennifer Lee and Adrian Yap led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has acted as Indian counsel for Unicommerce eSolutions and its promoter, Acevector (formerly known as Snapdeal), on Unicommerce’s IPO of approximately 25.6 million equity shares with face value of Rs1 each (US$0.012), aggregating to approximately Rs2.8 billion (US$33.3m), by Acevector and SB Investment Holdings (UK) (investor selling shareholder/SoftBank). The offer was oversubscribed 168 times, with the qualified institutional buyers’ portion and retail investors’ portion oversubscribed 138.75 and 130.99 times, respectively. The equity shares listed and commenced trading on the Indian stock exchanges on August 13, 2024, and were listed at a premium of approximately 118 percent. Unicommerce eSolutions provides a comprehensive suite of Software-as-a-Service products that help enterprise and small to medium businesses to efficiently manage their post purchase e-commerce operations. Partner Gokul Rajan (northern region markets head) led the firm’s team in the transaction, which was completed on August 13, 2024. Partner Reuben Chacko (southern region markets co-head) led the firm’s team which advised SoftBank, the investor selling shareholder, while partner Bharath Reddy advised on matters pertaining to ESOP schemes of the company. J Sagar Associates and Sidley Austin acted as Indian counsel and as international counsel for IIFL Securities and CLSA India, as the book-running lead managers to the offer.
Cyril Amarchand Mangaldas has also advised Adani Energy Solutions (AES) on its issuance of equity share capital, via qualified institutions placement, aggregating up to Rs83.73 billion (US$998m). The issue was undertaken by AES in compliance with Chapter VI of the SEBI Regulations 2018 and Section 42 of the Companies Act 2013. One of the largest equity fundraisers in the energy and power sector via qualified institutions placement, the issue launched on July 30, 2024 and closed on August 2, 2024, with oversubscription rate of nearly six times. The allotment was completed on August 3, 2024. AES is a part of the Adani portfolio entities, which is among India’s top business houses. AES is one of the leading players in the transmission and distribution sector, and is leading the private sector transmission segment, owning 41.5 percent of the private operational transmission capacity, as of Fiscal Year 2024. SBI Capital Markets, Jefferies India and ICICI Securities acted as book-running lead managers to the issue. Senior partner Yash Ashar and partner Devaki Mankad led the firm’s team in the transaction.
Moreover, Cyril Amarchand Mangaldas has advised Renee Cosmetics on securing Rs880 million (US$10.5m) in Series C2 funding from existing investors, namely Evolvence, Edelweiss and Equanimity. Partner Aditi Manchanda led the firm’s team in the transaction, which closed on July 4, 2024. Bathiya Legal acted as Indian counsel for Edelweiss Discovery Fund-Series I and exiting investors Evolvence India Fund IV and Equanimity Ventures Trust.
Rajah & Tann Singapore, Assegaf Hamzah & Partners, Christopher & Lee Ong, Rajah & Tann LCT Lawyers and Rajah & Tann (Thailand), member firms of Rajah & Tann Asia, are acting for EQT Private Capital Asia on its US$1.1 billion acquisition of Singapore-based online real estate platform PropertyGuru Group in an all-cash deal. Rajah & Tann Singapore partners Sandy Foo and Goh Jun Yi are leading the firm’s team in the transaction, alongside partners Doreen Chia, Gazalle Mok, Glen Chiang, Jonathan Yuen, Kala Anandarajah, Kelvin Kho, Lau Kok Keng and Rajesh Sreenivasan; Eko Basyuni (Assegaf Hamzah & Partners); Celia Cheah, Deepak Pillai, Looi Zhi Min, Sri Richgopinath, Yon See Ting and Yong Shih Han (Christopher & Lee Ong); Trinh Minh Duc and Vu Thi Que (Rajah & Tann LCT Lawyers); and Melisa Uremovic, Supawat Srirungruang and Yingrak Treesaranuwattana (Rajah & Tann (Thailand).
Shardul Amarchand Mangaldas & Co (SAM) and Khaitan & Co have successfully represented Reliance Industries and Viacom18 before the Competition Commission of India (CCI) on creating a JV for their entertainment business in India with The Walt Disney Company. The JV is valued at US$8.5 billion, making this one of the largest deals in the Indian media and entertainment space. The combination received conditional Phase I approval from the CCI on August 27, 2024. SAM managing partner Pallavi S Shroff and partners Shweta Shroff Chopra, Harman Singh Sandhu, Aman Singh Sethi and Atreyee Sarkar led their firm’s team in the matter, while Khaitan & Co senior partner Haigreve Khaitan and partners Anisha Chand and Anshuman Sakle led their firm’s team in the matter. The Walt Disney Company and Star India were represented by AZB & Partners.
Shardul Amarchand Mangaldas & Co has also advised Zen Technologies, one of India’s few companies that operate in the defence training and simulation and anti-drone systems segments, on its qualified institutions placement aggregating to Rs10 billion (US$119m). The proprietary training platform of Zen Technologies integrates with the entire range of simulation offerings from land-based military training simulators and driving simulators to live range equipment. The company primarily caters to the Ministry of Defence (MoD), state police units, security forces and paramilitary forces, as well as armed forces of foreign countries in Africa, Middle East and countries in the commonwealth of independent states (CIS). Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management acted as the lead managers on the transaction. Partner Sayantan Dutta led the firm’s team in the transaction, which closed on August 23, 2024.
Moreover, Shardul Amarchand Mangaldas & Co has advised Poly Medicure on its qualified institutions placement of equity shares with face value of Rs5 (US$0.06) each, aggregating to approximately Rs10 billion (US$119m). Poly Medicure is among the top five companies in the medical devices industry in India, in terms of operating income, and stands fifth, in terms of profit after tax, in Fiscal 2023. The company intends to utilise the proceeds for capital expenditure in setting up manufacturing facilities and pursuing inorganic initiatives, and for general corporate purposes. SBI Capital Markets and IIFL Securities acted as the lead managers on the transaction. Partners Prashant Gupta (capital markets national head) and Devi Prasad Patel led the firm’s team in the transaction, which closed on August 22, 2024.
Trilegal has advised the National Infrastructure Trust, Gawar Construction, as its sponsor, and Gawar Investment Manager, as the investment manager, on the proposed IPO of units aggregating to Rs16 billion (US$191m). The offer comprised a fresh issue aggregating to Rs12 billion (US$143m), and an offer for sale aggregating to Rs4 billion (US$48m) by the selling unitholder. Gawar Construction primarily engages in road and highway construction across 19 Indian states for various government and semi-government entities, including NHAI, Ministry of Road Transport & Highway, Mumbai Metropolitan Regional Development Authority and Central Public Works Department, having completed over 100 projects since 2008. The Trust proposes to acquire and manage nine completed, revenue-generating road assets, totaling approximately 683.875 km, which are operated under concessions from NHAI by special purpose vehicles owned by the sponsor. The proceeds from the offer will be used to provide loans to these project SPVs for repaying external borrowings and unsecured loans from the sponsor. Partner Abhinav Maker led the firm’s team in the transaction.
Trilegal has also advised PDS on the qualified institutions placement of its equity shares. PDS is India’s largest multinational B2B apparel business, and caters to more than 250 retailers and brands. The company provides integrated and customized sourcing and manufacturing solutions to global retailers and brands across categories through their model of entrepreneur-led verticals. Partners Bhakta Patnaik and Brajendu Bhaskar led the firm’s team in the transaction.
Moreover, Trilegal has successfully represented Uttar Pradesh Power Corporation (UPPC) and state-owned distribution licensees in the State of Uttar Pradesh on an appeal filed before the Appellate Tribunal for Electricity (ATE) against an order of the Uttar Pradesh Electricity Regulatory Commission (UPERC), which held that UPPC was obligated to provide 100 percent banking facility to renewable energy captive generating plants in Uttar Pradesh, despite UPERC’s own regulations stipulating to the contrary, that quantum of banking would be subject to agreement between the developer and distribution licensee. The judgment of the ATE lays down an important precedent with respect to sanctity of regulations, banking of electricity, judicial propriety and the inter-play between the multifaceted functions performed by electricity regulatory commissions in their roles as an adjudicatory forum, as well as a delegate of the legislature. As a consequence, distribution licensees have been safeguarded from adverse financial implications arising out of the burden of providing energy banking facility to commercial and industrial scale consumers, who own captive and intermittent sources of electricity, at the cost of the general public and consumers at large in Uttar Pradesh. Further, as a consequence, unrestricted banking of electricity, which could have led to enabling greenwashing due to the exchange of intermittent renewable energy with stable conventional energy, has also been avoided. Partner Shankh Sengupta led the firm’s team in the transaction.
WongPartnership is acting for the manager of ALOG Trust, a sub-trust of ESR-LOGOS REIT, and LOGOS TSA Venture SPV 2, a new fund established by LOGOS SE Asia, on their acquisition of shares in LSLV Project 5, which holds 51 percent of the shares of Tuas South Avenue, whereby the remaining 49 percent shares of Tuas South Avenue are to be simultaneously acquired LSLV Project 5. Tuas South Avenue is the head lessee of a JTC property located at 20 Tuas South Avenue 14 Singapore 637312, comprising a high-specifications manufacturing facility 100 percent leased to REC Solar, and a new Green Mark Platinum certified ramp-up logistics warehouses leased to various blue-chip multi-national tenants. The total consideration for the acquisition is approximately S$840 million (US$643m), and will be paid via cash, debt financing, the issuance of new units of ESR-LOGOS REIT in a preferential offering and promissory notes issued by the LOGOS Fund. Partners Chan Sing Yee, Sue-Ann Phay, Dorothy Marie Ng, Tay Peng Cheng and Lesley Tan are leading the firm’s team in the transaction.
