Allen & Gledhill has acted as transaction counsel to Chip Eng Seng, SingHaiyi Group and Chuan Holdings, as the borrowers, on the S$387.2 million (US$288m) term and revolving loan facilities to be granted to their joint venture companies, Maxwell Residential and Maxwell Commercial. The facilities were applied towards financing, among others, the en bloc acquisition of the properties located at 20 Maxwell Road (known as Maxwell House), and the construction costs on the development and construction of a mixed residential and commercial development on the property. Partner Aloysius Ng led the firm’s team in the transaction.
Allen & Gledhill has also advised Kiri Industries on valuation proceedings arising from an earlier buy-out order that was made, following the firm’s successful representation of Kiri for its minority oppression claim against the majority shareholder and the joint venture company before the Singapore International Commercial Court (SICC) and the Court of Appeal (CA). On December 8, 2021, the SICC rendered its decision on costs on a long-running litigation between Kiri and Senda International Capital, wherein Senda was held to have oppressed Kiri as a shareholder in the parties’ joint venture vehicle, DyStar Global Holdings (Singapore), and ordered to buy out Kiri’s shares in DyStar at US$481.6 million. In a 49-page judgment setting a new benchmark for principles relating to costs in SICC proceedings, the SICC awarded costs of S$4.96 million (US$3.7m) and disbursements of S$3.1 million (US$2.3m) to Kiri, totaling approximately S$8.1 million (US$6m), with interest of 5.33 percent per annum calculated from the date of the judgment. The dispute has generated 13 reported decisions from the Singapore courts, with eight coming from the SICC, four from the CA and one from the High Court. Partners Dinesh Dhillon, Margaret Joan Ling, Lim Dao Kai and Vignesh Vaerhn led the firm’s team in the transaction.
AZB & Partners has advised Internet Fund VII, a fund managed by Tiger Global Management, on its Rs6.07 billion (US$81.3m) acquisition, along with other investors, of equity stake in Refyne Holdings and Refyne Tech, via series B funding round. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on January 12, 2022.
AZB & Partners has also advised Addition Three, a fund managed by Addition Capital, on its Rs1 billion (US$13.4m) acquisition, along with other investors, of equity stake in SuperOps, including its Indian subsidiary SuperOps Technologies, via series A funding round. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on January 6, 2022.
JSA has advised Weatherford International on the India leg of the sale of its oilfield laboratories business to CSL Capital Management. Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. CSL Capital is a SEC-registered investment firm focused on energy services and equipment businesses in the US. Partner Trisheet Chatterjee, assisted by partners Sarvesh Kumar Saluja and Manish Mishra, led the firm’s team in the transaction, which had an international deal value of US$206 million.
JSA has also advised State Bank of India on the issue of US$300 Million Formosa Bonds, under the US$10 billion medium term note programme. The Formosa Bonds are listed in Taipei and India. The firm also assisted and facilitated the listing of SBI’s Formosa Bonds on the Global Securities Market of India International Exchange, India’s international stock exchange. Partner Dina Wadia, supported by partner Uttara Kolhatkar, led the firm’s team in the transaction, which is the first Formosa Bonds issue by an Indian Bank.
Khaitan & Co has advised Jio Platforms on the strategic partnership with Cashgrail (Zupee), under which Zupee will distribute its content to users of Jio phones. Zupee is seeking to capture the non-metro market with Jio’s low-priced 4G and 5G handsets. Zupee offers online real money gaming / gaming platform in the name of Zupee, including games such as skill-based ludo games and trivia games. Partner Surbhi Kejriwal led the firm’s team in the transaction, which was completed on January 19, 2022.
Khaitan & Co is also advising Nepean Investment Trust II, a Category II Alternative Investment Fund, on an approximately US$72 million investment in online gaming start-up Zupee (Cashgrail), which is valued at approximately US$600 million. The investment was part of a larger funding round aggregating to approximately US$120 million. Partners Surbhi Kejriwal and Shantanu Gupta, supported by partners Shailendra Bhandare and Susmit Pushkar, led the firm’s team in the transaction, which was announced on January 10, 2022 and is yet to be completed.
L&L Partners has advised InterviewBit Technologies (Scaler Academy), an edtech start-up that offers courses to working professionals in India and abroad to upgrade their skills, on raising US$55 million in its Series B financing round. Post the transaction, Scaler Academy is valued at US$710 million. This fund raise is a part of Scaler Academy’s plan for expansion in the Indian and US market, as well as for inorganic growth opportunities. The investment round was led by Lightrock Capital. Sequoia Capital, Tiger Global, Global Founders Capital and Rocket Internet also participated in the investment round. Partner Nishant Singh led the firm’s team in the transaction.
Majmudar & Partners has acted as Indian counsel to Five Elms Capital Management, a leading global growth equity firm that invests in fast-growing B2B software businesses, on the US$8.5 million Series A funding round for Vajro, one of the fastest-growing mobile app builders for the eCommerce sector. M&A practice head partner Rukshad Davar led the firm’s team in the transaction, while Husch Blackwell advised on US law aspects.
Maples and Calder has acted as Cayman Islands counsel to Pearl Holdings Acquisition on its IPO of 17.5 million Class A ordinary shares, plus a 15 percent underwriter over-allotment option, and its listing in the Nasdaq. Pearl Holdings is a special purpose acquisition company formed to pursue business combination targets in global consumer-focused industries, including companies that participate in the lifestyle, technology, healthcare and wellness sectors. The offering, which closed on December 17, 2021, raised approximately US$175 million. Partner Juno Huang led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Simpson, Thacher & Bartlett acted as US counsel to Morgan Stanley & Co, as the underwriter.
Maples and Calder has also acted as Cayman Islands counsel to EVe Mobility Acquisition on its IPO of 25.3 million units, including 3.3 million units issued upon full exercise of the underwriters’ over-allotment option, and its listing in New York. Eve Mobility is a special purpose acquisition company formed to pursue business combination targets, which focuses on businesses operating in the automotive and mobility industry. The offering, which closed on December 17, 2021, raised approximately US$220 million. Partner Everton Robertson led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Ellenoff Grossman & Schole acted as US counsel to Cantor Fitzgerald & Co and Moelis & Company, as the underwriters.
Rajah & Tann Singapore has acted for Credit Suisse (Singapore) and DBS Bank, as the joint issue managers, joint global coordinators, joint book-runners and joint underwriters, on the IPO and listing of Novo Tellus Alpha Acquisition (NTAA), a special purpose acquisition company (SPAC), in Singapore. NTAA is Singapore’s third listed SPAC, and its units are offered outside of the US, via Regulation S of the US Securities Act of 1933. Partner Raymond Tong led the firm’s team in the transaction, with partner Hoon Chi Tern, who acted for DBS Trustee, the escrow agent holding the gross proceeds of the listing.
Rajah & Tann Singapore has also advised Pluang Technologies on its US$35 million Series B funding round led by Square Peg VC. Partners Brian Ng and Debbie Woo led the firm’s team in the transaction.
S&R Associates has represented Satin Creditcare Network, a leading listed microfinance company in India, on a preferential allotment of Rs250 million (US$3.3m) in equity shares to Aarti Agrifeeds, Adesh Agricare, Adesh Agrifarm and Trimudra Trade & Holdings, and for Rs2 billion (US$26.7m) in fully convertible warrants to Trishashna Holdings and Investments and Florintree Ventures. Partners Viral Mehta and Prachi Goel, assisted by competition practice head Simran Dhir, led the firm’s team in the transaction.
WongPartnership is acting for LJHB Capital (S) on its mandatory conditional cash offer for Keong Hong Holdings. Partners Audrey Chng and Chong Hong Chiang led the firm’s team in the transaction.
WongPartnership has also acted for Singapore GP on the seven-year contract renewal with the Formula One Group until 2028 for the Formula One Singapore Grand Prix hosted in Singapore. The Singapore Tourism Board and Singapore GP will work together to reduce the race’s carbon footprint, as part of a transition to more sustainable business models, and as part of Formula One’s sustainability goals. Partners Mark Choy and Milton Toon led the firm’s team in the transaction, together with partner Kylie Peh.