DEALS
AZB & Partners has advised Cube Highways and Infrastructure I-D, a portfolio company of I Squared Capital, on the Rs3.85 billion (US$52.8m) acquisition by Nelamangala Devihalli Expressway from Lanco Devihalli Highways of an NHAI four-lane toll road connecting Neelamangala and Devihalli in Karnataka-Cube Highways. Partners Gautam Saha, Rajendra Barot and Ambarish Mohanty led the firm’s team in the transaction, which was completed on January 11, 2021.
AZB & Partners has also advised Tata Capital on the Rs12.5 billion (US$171.5m) acquisition by various institutional investors of shareholding in the Tata Capital Growth Fund II set up by Tata Capital. Partners Ashwath Rau and Pallabi Ghosal led the firm’s team in the transaction, which was signed and completed on January 15, 2021.
Clifford Chance has advised global energy company Iberdrola on its acquisition of Japan’s renewable developer, Acacia Renewables KK. Iberdrola has acquired Acacia Renewables and entered into a joint venture with Macquarie’s Green Investment Group to develop a 3.3GW offshore wind portfolio in Japan. The acquisition opens up the opportunity for Iberdrola to enter the Japanese offshore wind market, which is in its early stages and has strong growth potential over the coming decades. Partners Natsuko Sugihara and Yusuke Abe led the firm’s team in the transaction.
Clifford Chance has also advised the joint sponsors and underwriters, including Morgan Stanley, Bank of America and China Renaissance Securities, on short video social platform Kuaishou Technology’s US$5.4 billion IPO and listing in Hong Kong. The IPO is Hong Kong’s largest technology IPO in history, and the world’s largest by a technology company since Uber Technologies’ in 2019. The retail tranche was more than 1,200 times oversubscribed, making it the most oversubscribed deal in Hong Kong. Kuaishou is among the most widely-used social platforms in China, providing short video sharing, live streaming, e-commerce, online marketing and other services. It is the third primary listing in Hong Kong with a weighted voting rights structure. Partners Christine Xu and Fang Liu led the firm’s team in the transaction.
Davis Polk has advised Venus Medtech (Hangzhou) on its placing of more than 18 million new H shares for approximately HK$1.4 billion (US$180.6m). Venus Medtech is the leading transcatheter heart valve medical device company in China. Its self-developed product, VenusA-Valve, is the first TAVR product approved by the NMPA and commercialized in China. The firm also advised Venus Medtech on its HK$2.59 billion (US$334m) IPO and HK$1.2 billion (US$154.8m) placing of new H shares in December 2019 and September 2020, respectively. Hong Kong partner Yang Chu led the firm’s team in the transaction.
Davis Polk has also advised the placing agent on the top-up placement of 28 million new shares in Ocumension Therapeutics for approximately HK$793.8 million (US$102.4m). Ocumension is a China-based ophthalmic pharmaceutical platform company dedicated to identifying, developing and commercializing first- or best-in-class ophthalmic therapies. The firm also advised the underwriters on Ocumension’s HK$1.55 billion (US$200m) IPO in July 2020. Hong Kong partners James Lin and Yang Chu led the firm’s team in the transaction.
K Law has advised Mr PC Pratihari, Director Administration of the Boxing Federation of India (BFI) on two petitions before the Bombay High Court. The BFI president issued a list of Electoral College dated January 20, 2021, where he accepted only one nomination by the Dadra and Nagar Haveli Boxing Association (DNHBA). He also rejected the nomination by the president of the Bengal Amateur Boxing Federation (BABF), while he accepted the nomination by the BABF secretary general. The DNHBA and the BABF challenged the action of the BFI president in separate petitions filed before the Bombay High Court on January 28, 2021. Named as respondents in both petitions were the BFI, the Union of India (through Ministry of Youth Affairs and Sports) and the Returning Officer Justice Rajesh Tandon (Retd). After substantive arguments by all the parties, the Bombay High Court rejected the challenge of BABF and DNHBA in separate orders issued on February 1, 2021. No relief was granted to BABF and DNHBA, and the election scheduled on February 3, 2021 was not stayed. Partners Ayush Agarwala and Aditi Mittal led the firm’s team in advising the client.
Khaitan & Co has acted as domestic counsel to the Indian Railway Finance (IRF) and the President of India, through the India Ministry of Railways, as the selling shareholder, on IRF’s IPO of equity shares aggregating to Rs46.33 billion (US$635.8m). Executive director Sudhir Bassi and partner Madhur Kohli led the firm’s team in the transaction, which was completed on January 29, 2021. Squire Patton Boggs Singapore acted as international counsel to IRF and the selling shareholder. AZB & Partners acted as domestic counsel to DAM Capital Advisors, HSBC Securities and Capital Markets (India), ICICI Securities and SBI Capital Markets, as the book-running lead managers, while Simmons & Simmons acted as international counsel to HSBC.
Khaitan & Co has also advised Happiest Minds Technologies on its 100 percent acquisition of PGS, a US-based digital e-commerce and data management solutions company. A listed Indian Mindful IT company from Moonscape, Happiest Minds enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. Partner Rajiv Khaitan led the firm’s team in the transaction, which was completed on January 29, 2021. Habbu & Park California advised Happiest Minds on the US aspects of the deal, while Shariff Law Firm Texas represented Shashin Shah.
Shearman & Sterling has represented New Metro Global, as the issuer, and Seazen Holdings, as the guarantor, on an offer by New Metro Global to purchase for cash its outstanding 6.5 percent senior notes due 2021 and 7.125 percent senior notes due 2021. The firm also represented New Metro Global, as the issuer, and Seazen Group, as the guarantor, on New Metro Global’s offering of US$404 million 4.5 percent guaranteed senior notes due 2026. New Metro Global operates as a special purpose entity and a subsidiary of Seazen Holdings, a China-based company principally engaged in real estate development and operation. Hong Kong capital markets partner Alan Yeung led the firm’s team in the transaction.
Verist Law has represented Delhi-based microfinance company Satya MicroCapital on its Rs1.53 billion (US$21m) equity raising from Gojo & Company. Registered as an NBFC-MFI, Satya focuses on providing financial services to marginalized sections of the society. This is Gojo’s third equity infusion in the NBFC-MFI in the past one year, taking its shareholding to 49.9 percent from 37 percent earlier. Gojo invested Rs380 million (US$5.2m) in March and another Rs670 million (US$9.2m) in May last year. Gojo is a Japanese firm, which has microfinance subsidiaries in countries, such as Cambodia, Sri Lanka and Myanmar. Founding partner Srishti Ojha led the firm’s team in the transaction, which is one of the biggest fundraisings by a microfinance firm amid pandemic, while at least three others are in the process of raising capital. Newel Law, thru a team headed by managing partner Prateek Mohapatra, represented Gojo.
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