Allen & Gledhill has advised Temasek Financial (I) and Temasek Holdings on the issue of €750 million (US$794.3m) 3.25 percent notes due 2027, and €750 million (US$794.3m) 3.5 percent notes due 2033, under their US$25 billion guaranteed global medium term note programme. Temasek is the guarantor for the notes. Singapore partners Yeo Wico, Wu Zhaoqi, Kern Wong and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised venture capital firm Wavemaker Pacific 4 on leading a US$1.5 million series seed round investment in Cube Insights, a Singapore-based data and analytics start-up, which provides market and competitor intelligence for the online economy by processing data and intelligence on the e-commerce market, or companies that operate in the internet economy, for the purpose of sale either as one-time insights or through periodic subscription plans. Partner Nicholas Soh led the firm’s team in the transaction.
AZB & Partners has advised LT Foods on its Rs1.75 billion (US$21.2m) acquisition of 29.52 percent stake of Daawat Foods. The Competition Commission of India approved the transaction on February 14, 2023. Partner Hemangini Dadwal led the firm’s team in the transaction.
AZB & Partners is also advising IDFC First Bank on the Rs21 billion (US$254.6m) acquisition of 3.62 percent stake in IDFC FIRST Bank by IDFC Financial Holding (IFH), via preferential allotment to IFH. Post the said preferential allotment, the shareholding of IFH in IDFC First Bank will be approximately 39.99 percent. Partners Ashwath Rau, Vipul Jain and Aditya Alok are leading the firm’s team in the transaction, which was signed on February 4, 2023 and is yet to be completed.
Baker McKenzie Wong & Leow, the member firm of Baker McKenzie International in Singapore, has advised GetGo Technologies (GetGo Carsharing) on a S$20 million (US$14.8m) fund raising from investment group Treïs Asia. The strategic investment will be used to accelerate the growth of GetGo’s electric fleet, and strengthen its technology and operational platform. GetGo is Singapore’s largest and fastest-growing carsharing platform with over 2,100 cars serving over 50,000 users. The platform currently has 90 electric vehicles within its fleet, and is targeting to have 10,000 greener vehicles by 2030. Principal Sze Shing Tan led the firm’s team in the transaction.
Clifford Chance has advised CLSA and Huatai Financial Holdings (Hong Kong), as joint representatives, on the offering and listing of global depositary receipts (GDRs) of Zhejiang Hangke Technology, under the expanded China-Europe Stock Connect scheme on the SIX Swiss Exchange. The GDR offering is the first listing registered on the Shanghai Stock Exchange Science and Technology Innovation Board, more commonly known as Shanghai Stock Exchange STAR Market, a Chinese science and technology focused equities market. The offering is expected to raise gross proceeds of approximately US$172.8 million. Zhejiang Hangke Technology provide customers with overall solution of lithium-ion cell post-processing systems. Partner Jean Thio led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised the IDFC Group (comprised of IDFC, IDFC Financial Holding, IDFC Asset Management and IDFC Trustee), on the sale of IDFC’s Mutual Funds, Portfolio Management Services and Alternative Investment Funds businesses to the winning consortium, comprising of the Bandhan Group, GIC (Singapore’s sovereign wealth fund) and ChrysCapital, for approximately Rs45 billion (US$545m). Partners Anu Tiwari, Ketaki Mehta, Avantika Kakkar (competition practice head), Kirthi Srinivas and Abhinav Kumar (markets practice western region head) led the firm’s team in the transaction, which was signed April 6, 2022 and closed on January 31, 2023.
Cyril Amarchand Mangaldas has also advised Biocon on its sale of shares of Syngene International, with a reported aggregate value of Rs22.4 billion (US$271m). As a part of the transaction, Biocon sold 40 million equity shares held in Syngene International via bulk trade on the BSE, aggregating Rs22.4 billion (US$271m). Markets practice south region co-head Reuben Chacko led the firm’s team in the transaction, which was signed on January 31, 2023 and closed on February 2, 2023. Linklaters Singapore acted as international counsel to the broker and advisor.
Dentons has represented Gaoyou City Construction Investment Development Group, a leading state-owned infrastructure construction company principally engaged in the construction of municipal infrastructure, water facilities, roads, environmental governance-related facilities and shantytown redevelopment projects in Gaoyou City and Suzhou City, on its global offering under Regulation S of its English law-governed €75 million (US$79.4m) 4.6 percent Credit Enhanced Bonds due 2026, with the benefit of an irrevocable Standby Letter of Credit issued by Bank of Jiangsu Yangzhou Branch, underwritten by China Industrial Securities International, Industrial Bank of Co Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, China Minsheng Banking Corp Hong Kong Branch, CEB International, Guotai Junan International, Guosen Securities (HK), Central Wealth Securities Investment, CNCB Capital, CITIC Securities, CMBC Capital, China International Capital Corporation and Caitong International. Hong Kong capital markets partner Man Chiu Lee, senior partner Jianghong Xu and partner Dandan Wang led the firm’s team in the transaction.
IndusLaw has acted as Indian counsel to Takahata Precision Co and Takahata Precision Pte on their share purchase agreement and other definitive documents with SPR Engenious, a wholly-owned subsidiary of Shriram Pistons & Rings (SPR), on the divestment of 75 percent of their shareholding in Takahata Precision India to further expand Takahata India’s business by collaborating with SPR, following completion of this transaction, which has an adjusted enterprise value of Rs2.22 billion (US$27m). Partner Rohit Ambast, supported by senior corporate partner Saurav Kumar, led the firm’s team in the transaction, while Kitahama Partners, led by Tokyo partner Daisuke Sakai, acted as lead transaction counsel. Shriram Pistons & Rings was represented by Luthra and Luthra Law Offices India.
JSA has advised the Department of Investment and Public Asset Management of India on the listing of NMDC Steel on India’s stock exchanges. NMDC Steel is a public sector enterprise majority-owned by the Government of India, under the administrative control of the Ministry of Steel. The largest iron ore producer in India, NMDC demerged its steel business, pursuant to the ‘in-principle’ approval of the Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi. Post the demerger, NMDC Steel (the resultant company) houses the steel manufacturing facility of NMDC. Partner Shivpriya Nanda, supported by partner Gaurav G Arora, led the firm’s team in the transaction.
Khaitan & Co has advised Mahindra & Mahindra on an agreement to sell its entire stake in its subsidiary, Mahindra Consulting Engineering (and, indirectly, in Mahindra Namaste), to Artelia Holding. An Indian multinational automotive manufacturing corporation headquartered in Mumbai, Mahindra & Mahindra is one of the largest vehicle manufacturers by production in India. Artelia is a multidisciplinary independent group offering a full range of engineering-related services over the mobility, water, energy and other sectors. Partner Nikhilesh Panchal led the firm’s team in the transaction, which was announced on February 4, 2023. PSA Legal also advised on the deal.
Khaitan & Co has advised Tata Cleantech Capital and Tata Capital Financial Services on a financial assistance of approximately Rs5.3 billion (US$64m) provided to Fourth Partner Energy entities 4PEL Solar Energy, 4PEL Sun Flash, 4PEL Green Power, 4PEL Sun Ability, 4PEL Green Energy, 4PEL Green Solutions, 4PEL Mega Green, 4PEL Solar Daylight Energy, Daishi Patona and VSV Onsite. Partner Siddharth Srivastava led the firm’s team in the transaction, which was completed on December 28, 2022 and was announced on February 17, 2023. Dua Associates also advised on the deal.
Maples has acted as BVI counsel to CICC Hong Kong Finance 2016 MTN on its issue of US$650 million 5.42 percent notes due 2025, under the US$10 billion medium term note programme, guaranteed by China International Capital Corporation (International), with the benefit of a keepwell deed provided by China International Capital Corporation. China International Capital Corporation is one of China’s leading investment banking firms that engages in investment banking, securities, investment management and other financial services, primarily with institutional clients. The programme and the notes are listed in Hong Kong. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Linklaters advised on English and Hong Kong laws and Haiwen & Partners on Chinese law. The joint arrangers and dealers were advised by Allen & Overy as to English law and by King & Wood Mallesons as to Chinese law.
Maples has also acted as BVI counsel to Summer Spring Project on its issue of €95 million (US$1.15b) 4.6 percent bonds due 2023, with the benefit of a Keepwell Deed and a Deed of Equity Interest Purchase Undertaking provided by Changde Economic Construction Investment Group. Together with its subsidiaries, Changde Economic Construction Investment Group acts as a primary development, construction and operation platform via which Changde Municipal Government carried out unban and municipal development in Changde, China. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while King & Wood Mallesons and W&H Law Firm advised the issuer and Changde Economic Construction Investment Group as to English law and Chinese law, respectively. Linklaters advised the managers and trustee as to English law, and Hylands Law Firm advised the managers as to Chinese law.
Rajah & Tann Singapore has acted for Blue Planet Environmental Solutions on its acquisition of the entire issued share capital of Vac-Tech Engineering from Grand Victor Corp and Mencast Energy. Blue Planet is a leading regional waste management player in Asia, focused on driving the vital transition to a circular economy through sustainable technologies. M&A partners Tracy Ang and Janice Pui, alongside banking and finance partners Lee Xin Mei and Enoch Long, led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for GIMO Financial on its Series A fundraising round from lead investor TNB Aura Fund 2, Integra Partners Fund II (Singapore), Porcelain Series VCC (for the account and for the purpose of Resolution Fintech Fund I), Startup Innovation Investment ThinkZone Fund II, Y Combinator ES20 and YC ESP22. Partner Tracy Ang led the firm’s team in the transaction.
Trilegal has advised NPCI International Payments, a subsidiary of National Payment Corporation of India, on the linkage of Unified Payments Interface (UPI) with its equivalent network PayNow in Singapore. The deal will enable Indians and Singaporeans to transfer money using UPI and PayNow. Indian Prime Minister Sri Narendra Modi and Singapore Prime Minister Lee Hsien Loong witnessed this historic launch. TMT partner Nikhil Narendran, supported by partner Tine Abraham, led the firm’s team in the transaction.
Trilegal has also advised Tablespace Technologies and its founders on the transaction structuring, and negotiating and drafting transaction documents, on the investment, involving a primary issuance and a secondary transfer of convertible and ordinary shares, by the Hillhouse Capital Group in the company. Table Space is a horizontal managed workspace operator that is transforming the commercial real estate market in India with an Intelligent Grade A Workspace-as-a-Service offering. Table Space’s vision is to be the largest workspace operator in India that caters to large and mid-market tenants looking to occupy Grade A space for long periods. Corporate partners Harsh Maggon, Ankit Kejriwal and Pranav Atit, along with real estate partner Mridul Kumbalath, led the firm’s team in the transaction.
TT&A is advising United States International Development Finance Corporation (DFC) on its loan facility, via external commercial borrowing, of up to US$6.7 billion to Leap Agri Logistics (Baroda) for the construction of a grain silo storage complex, in accordance with the concession agreement executed by Leap with Food Corporation of India (FCI). The loan will enable Leap to construct modern grain silos able to feed people in India, and help FCI deliver on its food security mission and reduce food loss. Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction.
WongPartnership is acting for Citigroup Global Markets Singapore, DBS Bank and United Overseas Bank, as the joint book-runners and underwriters, on a private placement by ESR-LOGOS REIT to raise approximately S$150 million (US$111.4m). The proceeds from the private placement, together with an additional S$150 million (US$111.4m) to be raised in a non-renounceable preferential offering proposed to be undertaken by ESR-LOGOS REIT, will be used to fund future acquisitions, redevelopments and asset enhancement initiatives. Partners Long Chee Shan and Ong Kuan Chung are leading the firm’s team in the transaction.
WongPartnership is also acting for CapitaLand Investment on the establishment of a China Development Fund, which is committed to investing in two hyperscale data centre development projects in the Greater Beijing area. The total equity committed to the new fund is S$530 million (US$393.6m). Partner Felicia Ng is leading the firm’s team in the transaction, together with partner Liang Weitan.