AZB & Partners is advising Central Depository Services (India) on its IPO of approximately 35 million equity shares with face value of Rs10 (US$0.16) each through an offer for sale by its shareholders, including the BSE, State Bank of India, Bank of Baroda and Calcutta Stock Exchange. Partners Varoon Chandra and Lionel D’Almeida are leading the transaction, which is yet to be completed.

AZB & Partners has also advised Tata Consultancy on its buyback of approximately 2.85 percent of its aggregate paid-up equity share capital. Partners Bahram Vakil, Sai Krishna Bharathan and Sugandha Asthana led the transaction, which was valued at approximately Rs160 billion (US$2.48m) and was completed on June 7, 2017.

Corrs Chambers Westgarth has represented well-known comedian and actress Rebel Wilson on her defamation proceedings against Bauer Media, the German-based global media giant. On June 15, 2017, the jury found in favour of Rebel Wilson on every element of her claim, agreeing that articles published in Woman’s Day, the Australian Women’s Weekly and other publications in 2015 were defamatory and untrue, and that some were motivated by malice. The next step is for damages to be assessed, which will take place next week and be determined by the trial judge. Partner Richard Leder led the transaction.

Khaitan & Co has advised Apollo Tyres, as the issuer, and Axis Bank, Kotak Mahindra Bank and Standard Chartered Bank, as the arrangers, on the Rs4.5 billion (US$69.7m) issuance of listed non-convertible debentures, by way of private placement, in series, secured by a first pari passu charge on Appollo Tyres’ tangible movable fixed assets. Partner Manisha Shroff led the transaction.

Khaitan & Co has also advised Wow Momo Foods on the Series-B round of funding from investors led by Lighthouse Funds and India Angel Network , with respective investments of Rs400 million (US$6.2m) and Rs40 million (US$620,000). Additionally, the firm also advised Wow Momo Foods on a secondary sale by India Angel Network to Lighthouse Funds. Wow Momo Foods owns and operates quick service restaurant brand Wow Momo, the largest momo chain in India. Partner Arindam Sarkar, supported by associate partner Supratim Chakraborty, led the transaction.

Luthra & Luthra has advised ICU Medical on the completion of its acquisition of the Hospira Infusion Systems business in India from Pfizer. The approximately US$900 million, in cash and stock, acquisition of Hospira’s business across several countries complements ICU Medical’s existing business to create a company with a complete IV therapy product portfolio, from solutions to pumps to non-dedicated infusion sets. In addition, the acquisition gives ICU a significantly enhanced global footprint and platform for continued competitiveness growth. With an integrated product offering, ICU now holds industry-leading positions in key segments and has access to the full US infusion marketplace with a compelling product portfolio. Partner Dipti Lavya Swain led the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Nexion Technologies, a well-established ICT solution provider headquartered in Singapore, on its listing of 150 million shares in Hong Kong. The shares will be offered at HK$0.55 (US$0.07) each, and the offering is expected to raise approximately HK$82.5 million (US$10.6m). Southwest Securities (HK) Capital acted as the sole sponsor, while Southwest Securities (HK) Brokerage, Founder Securities (Hong Kong) and Aristo Securities acted as the joint lead managers. Partner Lorraine Pao led the transaction, while Stephenson Harwood acted as Hong Kong counsel. Locke Lord acted as Hong Kong counsel to the sole sponsor and underwriters.

Mayer Brown JSM has advised Bank of Communications International Holdings (BoCom International) as sole global coordinator on the Republic of Maldives’ issuance of US$200 million seven percent notes due 2022. BoCom International is the securities arm of China’s fifth-largest bank. The debut US-dollar bond issued by the island nation marked the first transaction in which a Chinese investment bank has been the sole lead of an international sovereign bond issuance. Corporate and securities partner Thomas Kollar, supported by Hong Kong partner Jason Elder, led the transaction.

Mourant Ozannes has acted for DP Holdings on a winding up petition filed by KMG International, in a recent decision which dealt with the way a Court chooses the most appropriate jurisdiction in which to wind up a foreign company. In KMG International NV v DP Holding SA (Claim No. BVIHC (COM) 144 of 2016, 10 May 2017), the BVI Commercial Court declined to exercise its insolvency jurisdiction on the Swiss respondent company. The court found that a Swiss liquidator would be able to cause the company to vote its shares in its BVI subsidiaries to change their boards of directors, and the newly appointed boards could then realise the assets of the BVI subsidiaries and arrange appropriate distributions of the proceeds to the Swiss company. As it would be the Swiss company voting its shares in its BVI subsidiaries, and not a Swiss liquidator exercising his powers, it would not be necessary for a Swiss liquidator to seek recognition and assistance of a BVI court to vote the shares. That being the case, the court found that Switzerland would be the more appropriate forum for any insolvency proceedings. Partner Eleanor Morgan led the transaction.

Rajah & Tann Singapore has acted for United Overseas Bank and DBS Bank on the S$70 million (US$50.4m) loan granted to a subsidiary of Singapore-listed Pacific Radiance, a provider of integrated offshore marine support services. The loan was approved under the Internationalisation Finance Scheme by International Enterprise Singapore, and is part of government-backed efforts to provide support for the beleaguered offshore and oil and gas sector. Partners Chua Choon King and Lim Chen Chen led the transaction.

Shardul Amarchand Mangaldas has advised Capstone Polyweave on its strategic partnership with Intertape Polymer Group (IPG). IPG will be partnering with the current Capstone shareholders, who are also the shareholders and operators of Airtrax Polymers, to provide IPG with a globally-competitive supply of certain woven products. For the transaction, IPG will form a joint venture with Capstone, a newly incorporated entity into which the existing woven products business of Airtrax will be demerged. Airtrax manufactures and sells woven products, primarily to the domestic market in India, that are used in various applications. The deal was signed on June 14, 2017, while the closing will take place in tranches, with final closing expected in December 2017. Partner Akila Agrawal, supported by partners Sourav Kanti De Biswas and Pooja Ramchandani, led the transaction, which is valued at approximately US$25 million. Cyril Amarchand Mangaldas advised IPG.

Siam City Law Offices has represented a prominent Bangkok-based hotel, as the plaintiff, on securing a landmark decision against the Social Security Office (SSO), under the Supreme Court’s decision no. 10770/2559, on the issue of whether the “10 percent service charge” imposed by the hotel is to be considered as “wages”. The SSO interpreted the service charge as part of “wages”, and issued a notice to the plaintiff to make additional contributions towards the Compensation Fund and the Social Security Fund. The hotel appealed the decision before the SSO Appellate Committee, but the appeal was denied. The hotel filed a complaint against SSO before the Labour Court, requesting for the cancellation of the decision. The Labour Court rendered a decision in favour of SSO, which the plaintiff appealed against. On May 23, 2017, the Supreme Court rendered its judgment in favour of the plaintiff, holding that the 10 percent service charges in this context do not amount to “wages”. Senior partner Tada Sastarasatit led the transaction.

Simpson Thacher has represented Credit Suisse, Deutsche Bank Securities, JP Morgan and ICBC International, as the underwriters, on the IPO and listing on the Nasdaq of Athenex’s common shares. The offering of 6.9 million shares of common stock raised US$75.9 million of gross proceeds to Athenex, including full exercise of the greenshoe. Partners Chris Lin and Daniel Fertig led the transaction.

S&R Associates has advised IDFC Bank, Credit Suisse, ICICI Securities and IIFL Holdings, as the book-running lead managers, on the Rs50.3 billion (US$780.2m) IPO by IRB InvIT Fund, an infrastructure investment trust sponsored by IRB Infrastructure Developers and managed by IRB Infrastructure. The IRB InvIT Fund operates a portfolio of six toll-road assets in India. Partners Sandip Bhagat and Jabarati Chandra led the transaction, which is the first listing of an infrastructure investment trust in India.

S&R Associates has also advised Morgan Stanley, Citigroup and Edelweiss as the lead managers on the Rs22.5 billion (US$349m) IPO by India Grid Trust, an infrastructure investment trust established to own inter-state power transmission assets. Sterlite Power Grid Ventures is the sponsor while Sterlite Investment Managers is the investment manager of India Grid Trust. Partners Sandip Bhagat and Uday Walia led the transaction, which is the second listing of an infrastructure investment trust in India.