Latest Deals from Law Firms and Legal Services Providers: 4th February 2026

Allen & Gledhill has advised the Housing and Development Board on the issue of S$1.2 billion (US$942.6m) fixed rate notes, under its S$42 billion (US$33b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised Kiri Industries, a specialty chemical firm listed in India’s stock exchanges, on the US$689.03 million divestment, via a combination of a share sale and a share buyback, of its entire 37.57 percent stake in DyStar Global Holdings (Singapore), a global market leader in the textile chemicals industry. The transaction brought to a close a highly complex, multi-jurisdictional legal dispute spanning over a decade, conclusively ending Kiri’s association with DyStar. Partners Nicholas Soh, Kenneth S Lim and Dinesh Dhillon led the firm’s team in the transaction.

Christopher & Lee Ong, member firm of Rajah & Tann Asia, has advised CGS International Securities Malaysia, as the sole placement agent to YTL Cement, on the secondary placement of more than 82.4 million ordinary shares in Malayan Cement, raising MYR622.2 million (US$158m) in proceeds. Partners Justin Chua and Vivian Lim from the Capital Markets Practice led the firm’s team in the transaction, which is the largest placement deal in Malaysia.

JSA Advocates & Solicitors has advised ICICI Securities, Morgan Stanley India and JM Financial, as the merchant bankers, on the approximately Rs19.1 billion (US$208.7m) IPO of Shadowfax Technologies. The IPO was a combination of a fresh issue by Shadowfax and an offer for sale by shareholders, including early stage investors  Flipkart, Eight Roads, International Finance Corporation, Qualcomm Asia Pacific, Nokia Growth Partners IV, NewQuest Asia and funds of Mirae Asset. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.

JSA Advocates & Solicitors has also advised Growtheum Capital Partners on its investment in Wonder Home Finance, an affordable housing finance company focused on providing secured mortgage solutions to middle-income and emerging homebuyers across India. Growtheum Capital Partners is a Singapore-headquartered private equity firm that partners with high-growth companies across Southeast Asia and India, with a focus on long-term value creation and sustainable growth. Partner Sidharrth Shankar, supported by partners Nandini Seth and Vaibhav Choukse, led the firm’s team in the transaction.

Moreover, JSA Advocates & Solicitors has acted as lead counsel to Coforge on its acquisition of Encora, a digital and software engineering services company owned by Advent International and Warburg Pincus, for approximately US$2.35 billion. M&A partner Anand Lakra, supported by partners Niharika Mepani, Gerald Manoharan, Sonakshi Das, Yajas Setlur, Pratish Kumar, Sumitava Basu and Shareen Gupta, led the firm’s team in the transaction, which represents one of the largest acquisitions by an Indian IT services firm.

Rajah & Tann Singapore has successfully represented two senior executives of ZDRA on a precedent-setting appeal before the Income Tax Board of Review concerning the tax treatment of S$24.95 million (US$19.6m) in payments received under a corporate sale transaction. Partner Adrian Wong, supported by partner Ang Leong Hao, led the firm’s team in the matter.

Rajah & Tann Singapore has also successfully acted for one of the founding and majority partners of the Chang Cheng Group, a leading food and beverage enterprise, on an appeal concerning the existence and terms of an oral agreement. Senior partner Lee Eng Beng and partner Mark Cheng, supported by partner Tan Ee Kuan, led the firm’s team in the matter.

Saraf and Partners has acted as sole counsel for Adani Power on its issuance of secured, rated, listed, redeemable, non-convertible debentures (NCDs) aggregating to Rs75 billion (US$831m). This transaction marks the largest debt issuance by an Adani Group company in the domestic debt market, and represents Adani Power’s first issuance under the SEBI’s new regulatory framework governing private placements of non-convertible securities. Partner Aroop Das, supported by partner Abir Lal Dey, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Flipkart, Eight Roads, TPG NewQuest, Nokia Growth Partners, Mirae Asset and Qualcomm on the IPO of equity shares by Shadowfax Technologies. The IPO aggregated to approximately Rs19.1 billion (US$208.7m), and comprised a fresh issue of equity shares by Shadowfax Technologies aggregating to Rs10 billion (US$109.3m) and an offer for sale of equity shares aggregating to approximately Rs9.1 billion (US$99.4m) by the selling shareholders, namely Flipkart Internet, Eight Roads Investments Mauritius II, NewQuest Asia Fund IV (Singapore), Nokia Growth Partners IV, Mirae Asset-Naver New Growth Fund I, Mirae Asset-GS Retail New Growth Fund I, Qualcomm Asia Pacific, and International Finance Corporation. The equity shares of Shadowfax Technologies were listed in India’s stock exchanges on January 28, 2026. Partners Nikhil Naredi and Manjari Tyagi led the firm’s team in the transaction.

Trilegal has advised Mr Abhilash Lal, as the Resolution Professional, on the Corporate Insolvency Resolution Process of SevenHills Healthcare, one of India’s longest-running insolvency proceedings, culminating in NCLT approval of a category-wise resolution for the Mumbai Hospital in January 2026. The matter is among the first under the Insolvency and Bankruptcy Code to successfully implement asset-wise resolution under Regulation 36B(6A), addressing complex public–private ownership and creditor rights issues. The firm has represented the Resolution Professional since the commencement of the CIRP in March 2018, navigating multiple rounds of litigation, regulatory challenges and process restarts, including proceedings before the NCLT, NCLAT and the Supreme Court of India. The resolution process involved complex disputes with the Municipal Corporation of Greater Mumbai (MCGM), which owns the land on which the Mumbai Hospital is situated, raising novel questions on asset ownership, public authority rights and insolvency law. Following amendments to the insolvency framework permitting category-wise resolution of assets, SevenHills Healthcare became one of the first CIRPs in India to successfully implement an asset-wise resolution. The Visakhapatnam Hospital was resolved in 2024, while the Mumbai Hospital was approved for resolution in January 2026, pursuant to a settlement with MCGM. Partners Nishant Parikh, Kannan Rahul, Siddharth Ranade and Karishma Dodeja led the firm’s team in the matter.