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 Rs95.41 billion (US$1.43b) and was completed on March 7, 2018.
AZB & Partners has also advised Virtuous Retail South Asia on its acquisition, together with its affiliate, of approximately 32.7 million equity shares, amounting to 49 percent equity, of North Delhi Metro Mall. Senior partner Hardeep Sachdeva and partner Abhishek Awasthi led the transaction, which was valued at Rs8 billion (US$120 million) and was completed on April 17, 2018.
Clifford Chance has advised LDC (China) Trading , a subsidiary of Louis Dreyfus, on its acquisition of Sinarmas Natural Resources Foodstuff Technology (Tianjin), which owns and operates oilseeds crushing and refining facilities in the Lingang Economic Area within Tianjin’s Binhai New Area district. The transaction was agreed to in November 2017 with the seller, Sinarmas Natural Resources (China) Investment, a subsidiary of Singapore-listed Golden Agri-Resources, and closed on April 2, 2018, following receipt of customary approvals. LDC China is a major supplier of soybeans to the domestic crush industry, and operates three soybean crushing facilities in Hebei, Jiangsu and Guangdong provinces. China co-managing partner Terence Foo led the transaction.
J Sagar Associates has represented Brigade Enterprises on a scheme of arrangement with Brigade Hotel Ventures, Brigade Hospitality Services and Augusta Club. The petition was filed before the National Company Law Tribunal (NCLT), Bengaluru Bench for approval. The NCLT approved the scheme under Section 230-232 of Companies Act 2013. Partner Arjun Perikal led the transaction.
J Sagar Associates has also advised Toyota Tsusho and its affiliate TechnoTrends AutoPark (TTAP)on the investment made by Japan Bank for International Cooperation (JBIC) into TTAP. The objective of this investment is to support the operation of an industrial park in the state of Gujarat in western India. Partner Vivek Chandy led the transaction. JBIC was advised by Ashurst and India Law Practice.
Khaitan & Co has acted as Indian counsel to Bessemer Venture Partners on Holiday Triangle Travel’s Series C financing round of investment, led by Fundamentum, along with existing investors SAIF Partners, Bessemer Venture Partners, RB investments and other angel investors. Bessemer Venture Partners invests in the enterprise, consumer services and healthcare sectors, from the seed stage to the growth stage. Partner Sharad Moudgal led the transaction.
Khaitan & Co has also acted as Indian counsel to PeakEquity Partners USA on the acquisition of the Indian subsidiary of Xeeva USA, as part of the acquisition of a majority stake in Xeeva USA. PeakEquity is a private equity firm focused on investments in enterprise software and solutions companies. The firm invests in businesses that have large addressable markets, market-tested technology, products and offerings, and demonstrated traction with a meaningful base of reference-able customers. Partner Anshul Prakash led the transaction.
King & Wood Mallesons has acted as Hong Kong counsel to the sole sponsor and the underwriters on the IPO and the listing of the H-shares of Tianjin Tianbao Energy in Hong Kong. Listed on April 27, 2018, the IPO comprised a share offer and placing of a total of 44.3 million shares, after the offer size adjustment option was exercised. Priced at HK$1.90 per share (US$0.242), the gross proceeds from the share offer and placing was approximately HK$84.2 million (US$10.7m). Tianbao Energy is the sole power operator in Tianjin Port Free Trade Zone, with a focus in the cogeneration of steam, together with electricity, heating and cooling. It is the only such power operator in Tianjin which is also engaged in electricity dispatch and sale. Corporate and securities partner Candy Chan led the transaction.
Luthra & Luthra is advising the lead managers on all aspects of Indian law on the proposed IPO of Lodha Developers, for which the draft red herring prospectus was filed with SEBI on April 26, 2018. Kotak Mahindra Capital, CLSA India, JM Financial and Morgan Stanley India, BOB Capital Markets, Edelweiss Financial Services, HDFC Bank, ICICI Securities, IIFL Holdings, UBS Securities India and YES Securities (India) are acting as lead managers to the proposed IPO. Partners Manan Lahoty and Ravi Dubey are leading the transaction.
Maples and Calder (Hong Kong) has acted as Cayman Islands and BVI counsel to China SCE Property Holdings on its issue of US$600 million 7.45 percent senior notes due 2021. The notes are guaranteed by certain subsidiaries of the issuer and are listed in Hong Kong. The issuer is one of the leading real estate developers in Fujian Province. Partner Derrick Kan led the Maples team, while Sidley Austin acted as US and Hong Kong counsel and Jingtian & Gongcheng acted as China counsel. Davis Polk & Wardwell acted as US and Hong Kong counsel, while King & Wood Mallesons acted as China counsel to the initial purchasers.
Maples and Calder (Hong Kong) has also acted as BVI counsel to Vertex Capital Investment on its issuance of US$500 million 4.15 percent guaranteed bonds due 2019. The bonds are guaranteed by Guangzhou Industrial Investment Fund Management and are listed in Hong Kong. The issuer is a wholly-owned subsidiary of the guarantor. Partner Derrick Kan led the Maples team, while Deacons and Global Law Office acted as English counsel and China counsel, respectively.
Shardul Amarchand Mangaldas has advised the Brookfield Group on its Rs24 billion (US$360m) acquisition, thru its affiliate Brookfield Strategic Real Estate Partners II, of leasable office space in Mumbai from the Essar Group. The approximately 1.25 million sq ft office space is located across four towers in Mumbai’s Bandra Kurla Complex. Partner Jay Gandhi , supported by partner Ashoo Gupta , led the transaction, which was signedin January 2018 and closed on April 20, 2018. DSK Legal advised the Essar Group.
Sullivan & Cromwell (Hong Kong) is representing Spirit AeroSystems (US) on its divestiture from Haeco Spirit AeroSystems (JinJiang) (China), a joint venture between majority shareholders Spirit AeroSystems Global Customer Support & Services (US) and The Haeco Group (Hong Kong). Hong Kong corporate partners Michael DeSombre and Ching-Yang Lin are leading the transaction, which was announced on April 10, 2018.
S&R Associates has advised the Vodafone Group on the proposed merger of Indus Towers into Bharti Infratel, which is expected to create the world’s largest tower company outside China. Partners Rajat Sethi, Tanya Aggarwal and Radhika Iyer led the transaction, which is subject to customary approvals.
S&R Associates has also advised Dana company Spicer Gellenkwellenbau on the sale of 26.03 percent of the share capital of Hindustan Hardy Spicer to its joint venture partner XLO India. Partners Rajat Sethi and Radhika Iyer led the transaction.
WongPartnership is acting for CapitaLand Mall Trust on the sale and purchase agreement with Lian Beng-Apricot Sembawang for the S$248 million (US$186m) sale of Sembawang Shopping Centre. Partners Tan Teck Howe and Joyce Ang are leading the transaction.