AZB & Partners has advised IDFC Bank on its merger with Capital First, Capital First Home Finance and Capital First Securities. Partner Rahul Rai led the transaction, which was valued at Rs95.4 billion (US$1.47b) and was completed on March 7, 2018.
AZB & Partners has also acted as Indian counsel to Reynolds Group Holdings on the acquisition by Pact Group Holdings of Reynolds’ rigid plastic packaging and closures sector business in Asia, excluding Japan. Partner Kashish Bhatia led the transaction, which was valued at Rs9.2 billion (US$141.5m) and was completed in February 2018.
Baker McKenzie Bangkok has advised on the first-ever liability management exercise by RH International (Singapore) and Ratchaburi Electricity Generating Holding (Ratch). The transaction involved a cash tender offer of the existing notes of RH International and an issuance of new money notes by RH International. The new notes are guaranteed by Ratch. Bangkok partner Viroj Piyawattanametha led the transaction.
Baker McKenzie Wong & Leow has acted as lead international counsel for Godrej Fund Management (GFM), the real estate private equity arm of the Godrej Group, on the structuring, formation and successful initial closing of two India-focused office funds, namely GBTC I and Godrej Office Fund I (GOF I). The two funds together can invest or develop office assets of over US$1 billion in value. GBTC I is a US$450 million office development focused fund that will invest in developing world class, Grade-A office buildings in leading locations across India’s key office markets. APG Asset Management is the cornerstone investor. GOF I is a discretionary blind pool fund that will invest in core and core-plus office and commercial properties across India, and can invest up to US$110 million in equity at its initial closing from institutional and other investors, with the potential to further grow its investment program to US$150 million. GFM has entered into a joint investment with Godrej Properties (GP) to develop Godrej Two, a Grade-A commercial building at The Trees, GP’s flagship mixed-use urban district project in Vikhroli, Mumbai. Principal Derek Kwan, supported by principal Stephanie Magnus, led the transaction.
East & Concord has advised the Central Enterprises Poverty Alleviation Fund on its second phase of fundraising, which now totals Rmb15.4 billion (US$2.45b). After more than one year of operation and exploration, the fund has invested Rmb8.6 billion (US$1.37b) in 41 projects. Its confirmed and approved projects have covered 26 provinces and are expected to create employment for 200,000 people, directly or indirectly. Partners Hu Xiaodong and Zhang Meiying led the transaction.
J Sagar Associates has advised wholly-owned subsidiaries of Indiabulls Real Estate on the divestment of their entire holding in certain subsidiaries and indirectly divesting 50 percent stake in Indiabulls Properties and Indiabulls Real Estate Company, at an enterprise value of approximately US$1.5 billion, to entities controlled by the Blackstone Group, a globally renowned real estate private equity investor. Subject to the satisfaction of customary closing conditions, the transaction is expected to be concluded this financial year. Post the conclusion of transaction, Indiabulls Real Estate will cease its sole control over Indiabulls Properties and Indiabulls Real Estate Company. Partners Lalit Kumar and Namita Bahri, supported by partners Amitabh Kumar and Vaibhav Choukse, led the transaction. Blackstone was advised by Shardul Amarchand Mangaldas.
J Sagar Associates has also advised IDBI Capital Markets & Securities, Axis Capital and SBI Capital Markets as the book-running lead managers on the proposed IPO of IRCON International. IRCON has filed a draft red herring prospectus with the Securities and Exchange Board of India for an IPO, by way of an offer for sale by the President of India, acting through the Ministry of Railways, of approximately ten million equity shares, including a reservation of additional equity shares in favour of IRCON employees. IRCON is an integrated Indian engineering and construction company, which specialises in major infrastructure projects, both internationally and domestically. Partners Rohitashwa Prasad, Vikram Raghani and Arka Mookerjee led the transaction.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Xinyuan Real Estate on its issue of US$200 million 9.875 percent senior notes due 2020. Xinyuan is a real estate developer focusing on large-scale quality residential projects in China. Partner Derrick Kan led the Maples team on the transaction, which was completed on March 19, 2018. Sidley Austin acted as US and Hong Kong counsel. Shearman & Sterling acted as US counsel to the initial purchasers.
Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Sunlands Online Education Group on its offering and listing of ADSs in New York. A leader in China’s online post-secondary and professional education, Sunlands is offering 13 million ADSs, with gross proceeds of around US$150 million. Partner Derrick Kan again led the Maples team on the transaction, which was completed on March 27, 2018. Davis Polk & Wardwell acted as US counsel. Kirkland & Ellis acted as US counsel to Goldman Sachs, JP Morgan and Credit Suisse as the underwriters.
Simpson Thacher is representing the Special Committee of the Board of Directors of iKang Healthcare Group, a major provider in China’s fast-growing private preventive healthcare services market, on a proposed going private transaction by a consortium comprised of affiliates of Yunfeng Capital and Alibaba Group Holding (sponsors). iKang entered into an agreement with IK Healthcare Investment, a special purpose vehicle wholly-owned by one or more affiliates of the sponsors, and IK Healthcare Merger, a wholly-owned subsidiary of IK Healthcare Investment. Pursuant to the merger agreement, IK Healthcare Investment will acquire iKang Healthcare, other than the rollover shares, for a cash consideration of US$41.20 per Class A common share or Class C common share of the company, or US$20.60 per American depositary share of the company, each representing one-half of a Class A share. The merger, which is expected to close during the third quarter of 2018, is subject to customary closing conditions. Partner Katie Sudol is leading the transaction.
Simpson Thacher has also advised New York-listed Blackstone on the acquisition by its Strategic Capital Holdings Fund of a passive minority stake in PAG, a leading Asia-focused alternative investment firm. The Strategic Capital Holdings Fund is part of Blackstone Alternative Asset Management and specialises in minority partnerships with leading alternative asset managers. Hong Kong-based PAG is one of the largest independent alternative asset firms in Asia, with more than US$20 billion in capital under management in private equity, absolute return and real estate strategies. Partners Maripat Alpuche and Tony King led the transaction.
Trilegal has advised UltraTech Cement on securing unconditional approval of the Competition Commission of India for its proposed acquisition of Binani Cement. Partner Nisha Kaur Uberoi led the transaction.