AZB & Partners has advised Alter Domus on the acquisition by Alter Domus Data Solutions of Solvas from Deloitte & Touche. Partner Vasudha Asher led the firm’s team in the transaction, which was completed on May 10, 2023.
AZB & Partners has also advised JMAN Digital Services and JMAN Group on the acquisition of 100 percent shareholding of JMAN Digital Services by JMAN Group. Partners Srinath Dasari and Bhuvana Veeraragavan led the firm’s team in the transaction, which was completed on May 26, 2023.
Moreover, AZB & Partner has advised LAI Investment Manager, a joint venture of Logos and Ivanhoe Cambridge, on the acquisition by Asia Pacific logistics real estate major Logos and its venture partner Ivanhoe Cambridge from Foton Motors Manufacturing India of a 77-acre industrial land parcel in Pune’s Chakan industrial area to develop a large-scale logistics park. Partner Ananya Sharma led the firm’s team in the transaction, which was completed on May 23, 2023.
Further, AZB & Partner has advised JM Financial Institutional Securities, as the broker, on Sequoia’s sale via India’s stock exchanges of Go Fashion India’s equity shares. Sequoia sold its shareholding in the company, aggregating to approximately 5.5 million equity shares, representing 10.18 percent of Go Fashion’s total issued and paid-up capital, with face value of Rs10 (US$0.122) each, at a sale price of Rs1,136.10 (US$13.84) per equity share. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which settled on June 13, 2023.
Baker McKenzie has advised Subway, one of the world’s largest restaurant brands, on its new master franchise agreement with Shanghai Fu-Rui-Shi Corporate Development (FRS) to significantly expand its presence in Mainland China. Funded by a consortium of private investors, including Asia Investment Capital, FRS will open nearly 4,000 restaurants in Mainland China over the next 20 years, growing Subway’s current footprint in the market by more than seven times. FRS will also acquire the exclusive rights to manage and develop all Subway locations in Mainland China. Partners Tracy Wut (Hong Kong) and Mohammad Alturk (Dallas), supported by partner Nancy Lai and FenXun Shanghai partner Wenxin Zhou, led the firm’s team in the transaction, which is the largest master franchise agreement in Subway history, and reportedly one of the largest across the entire QSR industry.
Baker McKenzie has also represented Cambium Grove Capital (CGC), an Asia-based asset management platform that invests in real estate, alternative credit, private equity and special situation opportunities, on the structuring, formation and successful closing of an investment vehicle relating to the acquisition of a sizable hotel in Japan. This builds on an earlier purchase in the region, and reaffirms CGC’s commitment to strategic, value-add opportunities in the region. Capitalizing on a unique situation, CGC secured the hotel with several hundred rooms, at an attractive valuation, negotiated an advantageous agreement with a prominent local operator, and secured compelling local financing. This attests to CGC’s strong onshore market reputation, operational efficiency and proven execution capabilities. Hong Kong private capital specialist Edwin Wong led the firm’s team in the transaction.
Bird & Bird ATMD has acted for Singapore-headquartered private equity firm ABC Impact, as the lead investor, on the £20 million (US$25.5m) Series B fundraising round of Polymateria. British biotechnology company Polymateria has developed biotransformation technology to address plastic pollution, and its technology can fully biodegrade plastic items into water, carbon dioxide and biomass without leaving microplastic or toxic residue. Polymateria’s customers include Twickenham Rugby Stadium, the Chicago Marathon and 7-Eleven Taiwan. The proceeds of this fundraising round will be used to accelerate Polymateria’s commercialisation of technology worldwide, increase market penetration and expand into new markets. Partners Marcus Chow and Anan Sivananthan led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised Vayana (IFSC), owner and operator of Vayana Tradexchange platform, on various aspects of setting up one-of its kind International Trade Finance Service (ITFS) platform. A first of a kind digital platform, the ITFS platform provides cross-border trade finance service at a global level, making working capital available seamlessly across geographies. Partner Ketaki Mehta, supported by partners Arun Prabhu (technology & telecommunications head) and Leena Chacko (banking & finance), led the firm’s team in the transaction, which was approved on May 24, 2023.
Cyril Amarchand Mangaldas has also acted as Indian and tax counsel to abrdn (Mauritius Holdings) 2006 on the sale in the BSE of HDFC Life Insurance’s equity shares. abrdn is one of the promoters of HDFC Life, and has undertaken multiple share sale after HDFC Life’s IPO. abrdn group was formerly known as the Standard Life Aberdeen Group. abrdn sold approximately 35.7 million equity shares, representing its entire stake, at face value of Rs10 (US$0.122), representing approximately 1.66 percent of the total issued and paid-up equity share capital of HDFC Life, for approximately Rs20.47 billion (US$249.4m)). Western region regional markets practice head partner Abhinav Kumar, supported by partner Kunal Savani, led the firm’s team in the transaction, which closed on May 31, 2023. S&R Associates and Linklaters acted as Indian counsel and international counsel, respectively, for the broker.
Moreover, Cyril Amarchand Mangaldas has advised PNB Housing Finance on its rights issue undertaken in compliance with Part B-1 of Schedule VI of the SEBI Regulations 2018. PNB Housing issued approximately 90.7 million fully paid equity shares with face value of Rs10 (US$0.122) for cash at Rs275 (US$3.35) per rights equity share, including a premium of Rs265 (US$3.23) per rights equity share, aggregating to approximately Rs24.93 billion (US$303.7m)) on a rights basis, to the eligible equity shareholders of PNB Housing in the ratio of 29 rights equity shares for every 54 equity shares held by the eligible equity shareholders on the record date, i.e. April 5, 2023. Axis Capital, BNP Paribas, BofA Securities India and JP Morgan India acted as the lead managers to the issue. The draft letter of offer for the issue was dated November 29, 2022, and the letter of offer for the issue was dated March 29, 2023. Northern region regional markets practice head partner Gokul Rajan led the firm’s team in the transaction. Sidley Austin acted as international counsel for the lead managers.
Khaitan & Co has successfully represented Wipro Enterprises on a disparagement suit filed by Reckitt Benckiser (India) and Reckitt & Colman (Overseas) Health. Reckitt alleged infringement of registered trade mark, piracy of registered design, disparagement and unfair trade practices against an advertisement launched by Wipro promoting its handwash “Santoor Classic Handwash” with Sandalwood. The Delhi High Court did not grant an injunction against Wipro’s television commercial, as it was established that the commercial did not contain any element of denigration and was a permissible comparative advertisement. Thus, Reckitt’s application for an injunction against Wipro’s advertisement was dismissed. Partner Ankur Sangal led the firm’s team on the matter.
Khaitan & Co has also advised Innova Captab, as the resolution applicant, on the corporate insolvency resolution process of Sharon Bio-Medicine, an Indian pharmaceutical company catering to both the domestic and foreign markets. Innova Captab has emerged as the successful resolution applicant in the CIRP, with its resolution plan approved by the National Company Law Tribunal Mumbai on May 17, 2023. The firm is also advising Innova Captab on the timely implementation of the approved resolution plan. With Sharon Bio-Medicine’s insolvency resolution having been attempted multiple times in the past, the implementation of Innova Captab’s approved resolution plan shall have a substantial impact on the Indian pharmaceutical industry, and contribute to its exponential growth. Restructuring & insolvency / banking & finance partner Siddharth Srivastava led the firm’s team on the matter.
Shardul Amarchand Mangaldas has advised Aviom India Housing Finance on its Series D funding, led by global investment management firm Nuveen. In a combination of primary and secondary investments, Nuveen is investing US$30 million. Partners Amit Khansaheb and Pratyush Singh led the firm’s team in the transaction. Capital 4 Development Asia Fund Cooperatief UA, Gojo & Company and Sabre Partners AIF Trust were represented by Khaitan & Co, Vertices Partners and Jyoti Sagar and Associates, respectively.
Trilegal has represented JM Financial, Axis Capital, ICICI Securities and IIFL Securities, as the book-running lead managers, on ASK Automotive’s proposed IPO, comprising an offer for sale of up to approximately 29.6 million equity shares by ASK’s promoters, Kuldip Singh Rathee and Vijay Rathee. The draft red herring prospectus was filed on June 12, 2023. ASK Automotive manufactures and supplies automotive components, with a key focus on advanced braking systems, aluminum lightweight precision solutions and safety control cables products for two-wheelers, three-wheelers, passenger and commercial vehicle sectors. It has a comprehensive portfolio of electronic vehicle and powertrain-agnostic products and, as of March 31, 2023, it was supplying safety systems and critical engineering solutions to nine two-wheeler EV original equipment manufacturers in India. It is the largest manufacturer of brake-shoe and advanced braking systems for two-wheelers in India, with a market share of approximately 50 percent in Fiscal 2022, in terms of production volume for original equipment manufacturers and the branded independent aftermarket, on a combined basis. Partner Richa Choudhary led the firm’s team in the transaction.