AZB & Partners has advised Bain Capital on the Rs9.1 billion (US$109m) sale by its affiliates, BC Investments VI and BC Asia Growth Investments, of equity stake of L&T Finance Holdings on the stock exchange. The shares traded on September 12, 2023. Partners Anil Kasturi, Nandita Govind and Hufriz Wadia led the firm’s team in the transaction. AZB & Partners is also advising Samvardhana Motherson International on its Rs466 million (US$5.6m) acquisition of equity stake in Irillic. Partner Niladri Maulik is leading the firm’s team in the transaction, which was signed on October 20, 2023 and is yet to be completed. Azmi & Associates has acted as main counsel to national fund and retirement institutions Permodalan Nasional, Employees’ Provident Fund and Kumpulan Wang Persaraan (Diperbadankan) on their groundbreaking strategic investment collaboration with OSRAM Opto Semiconductors (Malaysia). The transaction involves the sale and leaseback of OSRAM’s new state-of-the-art facility with joint investment value of RM2 billion (US$419m) and with clear exit plan for the co-investors. Senior partner Dato’ Azmi Mohd Ali and partners Zuhaidi Mohd Shahari, Mohd Sallahudin Abdullah and Muhammad Inamul Hassan Shah led the firm’s team in the transaction, while Cherha Hempel advised on Austrian law. Baker McKenzie Wong & Leow (in Singapore) and HHP Law Firm (in Jakarta) have advised MUFG Bank, United Overseas Bank, Bank of China, CTBC Bank, DBS Bank and Mizuho Bank, as the mandated lead arrangers and book-runners, on a US$700 million sustainability-linked syndicated term loan facility for Sarana Multi Infrastruktur (SMI), a state-owned enterprise under Indonesia’s Ministry of Finance. The facility is SMI’s first sustainability-linked loan, which features concrete performance targets that...

AZB & Partners has advised Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the acquisition of majority stake by Vertical Holdings II, together with KIA EBT Scheme 3, in LEAP India. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was valued at more than US$100 million and was completed on October 9, 2023. AZB & Partners has also advised Gleneagles Development on its approximately Rs7.4 billion (US$89m) acquisition of the entire equity stake of Ravindranath Ge Medical Associates and Global Clinical Research Services from Dr K Ravindranath and affiliates. Partner Daksh Trivedi led the firm’s team in the transaction, which was completed on September 25, 2023. Moreover, AZB & Partners has acted as Indian counsel to Elliott Investment Management on its acquisition, together with Patient Square Capital and Veritas Capital Fund Management, of Syneos Health, including its four Indian subsidiaries inVentiv International Pharma Services, Kendle India, Kinapse India Scientific Services and RxData Science India. Partner Divya Mundra led the firm’s team in the transaction, which was completed on September 28, 2023. Drew & Napier has advised Niks Professional on its IPO and listing in Singapore. Niks Professional is offering 21.8 million new shares at S$0.23 (US$0.168) per share, which comprise 20.8 million placement shares, which also include approximately 3.7 million reserved shares for management, employees and directors, and one million public shares. They will raise S$5 million (US$3.65m) in gross proceeds, with net proceeds coming to S$3.3 million (US$2.4m), after deducting relevant listing expenses. The stock is expected to start trading...

AZB & Partners has advised CIF II Scheme I (Creaegis) on its Rs2.4 billion (US$29m) acquisition of stake in Kale Logistics. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on October 6, 2023. AZB & Partners has also advised Addition Three, a fund managed by Addition Capital, on its US$12.4m) acquisition of equity stake in SuperOps. Partners Srinath Dasari, Nanditha Gopal and Gautam Rego led the firm’s team in the transaction, which was completed on October 10, 2023. Moreover, AZB & Partners is advising Bharti Life Ventures (BLV) and Bharti AXA Life Insurance (BALI) on BLV’s acquisition of balance equity stake in BALI from AXA India Holdings. Partners Anil Kasturi and Niladri Maulik are leading the firm’s team in the transaction, which was signed on October 11, 2023 and is yet to be completed. Baker McKenzie has acted for BIM Land, Vietnam’s leading tourism and property developer, and Thanh Xuan on the issuance of Vietnam’s first local currency sustainability bonds. The bonds issue will enable both companies to expand their businesses while creating jobs, boosting competitiveness and supporting the country’s low-carbon growth model. Both BIM Land and Thanh Xuan are subsidiaries of BIM Group, a Vietnam-based multi-sector corporation. On September 19, 2023, the International Finance Corporation announced that it would invest up to Vnd 3.49 trillion (US$123m) in the bonds. The proceeds will be used to develop the Thanh Xuan valley project in northern Vinh Phuc province, which includes an eco-friendly and unique residential community alongside a hotel complex under the InterContinental brand, as well as other relevant services and infrastructure. The IFC funding...

Allen & Gledhill has acted as transaction counsel to United Overseas Bank on the US$700 million term and revolving credit facilities to Diamond Two, a company sponsored by CapitaLand Investment and GIC (Realty). The facilities are aligned with the Green Loan Principles and will be used to refinance certain borrowings relating to the investment in Raffles City the Bund, an integrated development comprising office and retail components in Shanghai. Partner Lim Wei Ting led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to DBS Bank on the CNH1.582 billion (US$219m) term loan facility to Bantex Investments, a company sponsored by GIC (Realty), to finance its general corporate funding requirements relating to its investment in Beijing Lize Azia, a 47-storey office in Beijing. Partner Lim Wei Ting also led the firm’s team in the transaction. AZB & Partners is advising TotalEnergies on its Rs50 billion (US$601m) acquisition of a 1050 Mwac renewable portfolio from Adani Power. Partners Darshika Kothari, Qais Jamal, Nikunj Maheshwari and Kritika Agarwal are leading the firm’s team in the transaction, which was signed on September 20, 2023 and is yet to be completed. AZB & Partners has also advised Goldman Sachs Investments Holdings (Asia), one of the selling shareholders, on the IPO of approximately 108.74 million equity shares aggregating to Rs13.7 billion (US$164.6m), comprising a fresh issue of approximately 95.24 million equity shares aggregating up Rs12 billion (US$144m) and an offer for sale of up to 13.5 million equity shares aggregating to approximately Rs1.7 billion (US$20.4m), by Goldman Sachs Investments Holdings (Asia), Blue Chandra and GTI Capital Alpha. The...

Allen & Gledhill has acted as transaction counsel to venture capital firm Beyond Next Ventures on leading the US$1.64 million pre-series A round investment in Umami United, a foodtech start-up which develops Japanese-inspired plant-based food products, such as the plant-based egg substitute UMAMI EGG. Partner Nicholas Soh led the firm’s team in the transaction. Allen & Gledhill has also advised Bayfront Infrastructure Capital IV, a wholly-owned subsidiary of Bayfront Infrastructure Management, on the issue of five classes of notes, comprising US$170.6 million Class A1 senior secured floating rate notes due 2044, US$115 million Class A1-SU senior secured floating rate notes due 2044, US$54.5 million Class B senior secured floating rate notes due 2044, US$31.6 million Class C senior secured floating rate notes due 2044 and US$13 million Class D senior secured floating rate notes due 2044. The five classes of notes are backed by cash flows from a portfolio of project and infrastructure loans and bonds in the Asia-Pacific, Middle East, Africa and Americas regions. The Class A1 Notes, Class A1-SU Notes, Class B Notes and Class C Notes are rated investment grade and listed in Singapore. The mezzanine Class D Notes are unlisted and unrated, and guaranteed by GuarantCo, a contingent credit solutions provider that is part of the Private Infrastructure Development Group. The unrated equity tranche comprising preference shares of Bayfront Infrastructure Capital is 80.5 percent held by Bayfront as sponsor of the transaction, while the remaining 19.5 percent is held by the UK Foreign Commonwealth & Development Office, as part of its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme. Bayfront wholly-owned subsidiary BIM Asset Management...