Allen & Gledhill has acted as transaction counsel to venture capital firm Openspace Ventures on a US$7.7 million series seed round investment led by Blowfish Ventures and Forge Ventures in Kinetic Innovation, a fintech startup which uses data and technology to deliver credit risk solutions that enable payments companies and online businesses to scale. Partner Nicholas Soh led the firm’s team in the transaction.
AZB & Partners is advising Wistron Corporation, SMS Infocomm (Singapore), Wistron Hong Kong and Wistron Infocomm Manufacturing (India) on the Rs10.42 billion (US$125m) acquisition of 100 percent stake of Wistron Infocomm Manufacturing by Tata Electronics. Partners Roxanne Anderson and Gautam Ganjawala are leading the firm’s team in the transaction, which was signed on November 8, 2023 and is yet to be completed.
AZB & Partners is also advising WEG on the Rs33.3 billion (US$400m) acquisition by WEG Holding of the industrial electric motors and generators business of New York-listed Regal Rexnord Corporation. Partners Vaidhyanadhan Iyer and Jeet Chaudhuri are leading the firm’s team in the transaction, which was signed on September 25, 2023 and is yet to be completed.
Moreover, AZB & Partners is advising Larsen & Toubro (L&T) and L&T Infrastructure Development Projects on the approximately Rs1 billion (US$12m) acquisition by CPPIB India, Allianz Infrastructure Luxembourg II and 2726247 Ontario (Omers) of 100 percent stake in Interise Investment Managers (formerly known as LTIDPL IndvIT Services) from L&T Infrastructure Development Projects. Partners Gautam Ganjawala, Qais Jamal and Bhargavy Ramesh are leading the firm’s team in the transaction, which was signed on November 3, 2023 and is yet to be completed.
Carey Olsen has advised Lightspeed Faction Ventures on the launch of Lightspeed Faction Fund I, a US$285 million closed-ended venture capital fund focused on early-stage blockchain opportunities. The fund is a collaboration between Lightspeed Venture Partners (Lightspeed) and the Faction partnership through the newly-formed cryptocurrency firm Lightspeed Faction. Lightspeed Faction will execute its blockchain investment strategy with an institutional approach that leverages Lightspeed’s global investment platform and Lightspeed Faction’s crypto-native VC investing expertise and key ecosystem relationships. The fund will seek to generate long-term capital appreciation through equity and token investments in early-stage projects that are active in blockchain, and may also engage in other token-generative activities, such as staking of digital assets. Working alongside lead counsel Wilson Sonsini Goodrich & Rosati, partner Michael Padarin led the firm’s Hong Kong team advising on all Cayman Islands legal and regulatory aspects of the launch.
Khaitan & Co has advised State Bank of India on the issuance of non-convertible, taxable, redeemable, subordinated, unsecured, fully paid-up BASEL III compliant Tier 2 Bonds in the nature of debentures with base issue of Rs40 billion (US$480m) and a green shoe option to retain oversubscription up to Rs60 billion (US$720m), on private placement basis, for an amount aggregating to Rs100 billion (US$1.2b). Partner Manisha Shroff led the firm’s team in the transaction.
Khaitan & Co has also advised Reliance Industries on its issue of secured, redeemable, non-convertible debentures for cash aggregating to Rs200 billion (US$2.4b) on private placement basis. The debentures are ‘partly paid’ in nature, have the coupon rate of 7.79 percent per annum and are rated TRIPLE A with stable outlook by CRISIL Ratings and CARE Ratings. The proceeds of the issue are proposed to be used for refinancing of existing borrowings and/ or ongoing capex, and/ or for making investments in/lending to domestic subsidiaries, and/or for any other purpose in the ordinary course of business of Reliance Industries. The debentures are secured via first pari-passu charge through hypothecation over the moveable plant and machinery (both present and future) and the movable fixed assets (both present and future) of Reliance Industries in its manufacturing division at Hazira and Dahej, Gujarat’s, and its movable fixed assets (both present and future) in its manufacturing division at Patalganga, Maharashtra, Nagothane, Maharashtra, and Silvassa, Dadra and Nagar Haveli, a security cover of at least 1.25x. The issue has been subscribed by insurance companies and other institutional investors. Partner Manisha Shroff also led the firm’s team in the transaction, which is the second largest bond issuance of such nature.
Khaitan & Co has advised State Bank of India on the issuance of non-convertible, taxable, redeemable, subordinated, unsecured, fully paid-up BASEL III compliant Tier 2 Bonds in the nature of debentures with base issue of Rs40 billion (US$480m) and a green shoe option to retain oversubscription up to Rs60 billion (US$720m), on private placement basis, for an amount aggregating to Rs100 billion (US$1.2b). Partner Manisha Shroff led the firm’s team in the transaction.
Khaitan & Co has also advised Reliance Industries on its issue of secured, redeemable, non-convertible debentures for cash aggregating to Rs200 billion (US$2.4b) on private placement basis. The debentures are ‘partly paid’ in nature, have the coupon rate of 7.79 percent per annum and are rated TRIPLE A with stable outlook by CRISIL Ratings and CARE Ratings. The proceeds of the issue are proposed to be used for refinancing of existing borrowings and/ or ongoing capex, and/ or for making investments in/lending to domestic subsidiaries, and/or for any other purpose in the ordinary course of business of Reliance Industries. The debentures are secured via first pari-passu charge through hypothecation over the moveable plant and machinery (both present and future) and the movable fixed assets (both present and future) of Reliance Industries in its manufacturing division at Hazira and Dahej, Gujarat’s, and its movable fixed assets (both present and future) in its manufacturing division at Patalganga, Maharashtra, Nagothane, Maharashtra, and Silvassa, Dadra and Nagar Haveli, a security cover of at least 1.25x. The issue has been subscribed by insurance companies and other institutional investors. Partner Manisha Shroff also led the firm’s team in the transaction, which is the second largest bond issuance of such nature.
Skadden has also represented Medco Energi Internasional on tender offers for any and all of the outstanding 6.75 percent senior notes due 2025, up to US$60 million aggregate purchase price of the 7.375 percent senior notes due 2026, up to US$60 million aggregate purchase price of the 6.375 percent senior notes due 2027, and up to US$70 million aggregate purchase price of the 6.95 percent senior notes due 2028 by Medco Platinum Road, Medco Oak Tree, Medco Bell and Medco Laurel Tree, respectively. Partners Jonathan Stone (Hong Kong) and Rajeev Duggal (Singapore), supported by partner Sean Shimamoto (Palo Alto), also led the firm’s team in the transaction.
Trilegal has acted as transaction counsel to Piramal Enterprises and AK Capital Services, Nuvama Wealth Management, JM Financial and Trust Investment Advisors on the Tranche I issue by Piramal Enterprises of secured, rated, listed, redeemable, non-convertible debentures (NCDs) with face value of Rs1,000 (US$12.00) each aggregating to Rs10 billion (US$120m), which is within its shelf prospectus limit of Rs30 billion (US$360m). This is the debut public issue of NCDs by Piramal Enterprises. Partners Bhakta Patnaik and Albin Thomas, supported by partner Ameya Khandge, led the firm’s team in the transaction.
Trilegal has also represented NHPEA Minerva Holding, a fund managed by Morgan Stanley, on its exit from NSPIRA Management Services. The exit consisted of the sale of the entire stake held by NHPEA to the Narayana Group. With a staff of over 50,000, Hyderabad-based Narayana runs over 750 schools, colleges and coaching centres across the country, and is considered to be among the top 10 biggest school chains in the country. NSPIRA provides end-to-end solutions for Narayana group’s educational institutes. This includes staffing, IT infrastructure, sales and marketing. Corporate partner Kunal Chandra, supported by partners Nisha Kaur Uberoi (national competition law head) and Rudresh Singh, led the firm’s team in the transaction.
Skadden has also represented Medco Energi Internasional on tender offers for any and all of the outstanding 6.75 percent senior notes due 2025, up to US$60 million aggregate purchase price of the 7.375 percent senior notes due 2026, up to US$60 million aggregate purchase price of the 6.375 percent senior notes due 2027, and up to US$70 million aggregate purchase price of the 6.95 percent senior notes due 2028 by Medco Platinum Road, Medco Oak Tree, Medco Bell and Medco Laurel Tree, respectively. Partners Jonathan Stone (Hong Kong) and Rajeev Duggal (Singapore), supported by partner Sean Shimamoto (Palo Alto), also led the firm’s team in the transaction.
Trilegal has acted as transaction counsel to Piramal Enterprises and AK Capital Services, Nuvama Wealth Management, JM Financial and Trust Investment Advisors on the Tranche I issue by Piramal Enterprises of secured, rated, listed, redeemable, non-convertible debentures (NCDs) with face value of Rs1,000 (US$12.00) each aggregating to Rs10 billion (US$120m), which is within its shelf prospectus limit of Rs30 billion (US$360m). This is the debut public issue of NCDs by Piramal Enterprises. Partners Bhakta Patnaik and Albin Thomas, supported by partner Ameya Khandge, led the firm’s team in the transaction.
Trilegal has also represented NHPEA Minerva Holding, a fund managed by Morgan Stanley, on its exit from NSPIRA Management Services. The exit consisted of the sale of the entire stake held by NHPEA to the Narayana Group. With a staff of over 50,000, Hyderabad-based Narayana runs over 750 schools, colleges and coaching centres across the country, and is considered to be among the top 10 biggest school chains in the country. NSPIRA provides end-to-end solutions for Narayana group’s educational institutes. This includes staffing, IT infrastructure, sales and marketing. Corporate partner Kunal Chandra, supported by partners Nisha Kaur Uberoi (national competition law head) and Rudresh Singh, led the firm’s team in the transaction.
WongPartnership has acted as Singapore counsel to Stonepeak on its investment into AGP Sustainable Real Assets, a group which finances, develops and operates sustainable real assets in the power, infrastructure and built environments across various regions, including India, Britain, Europe, the US and Asia-Pacific. Stonepeak is a leading alternative investment firm, specialising in infrastructure and real assets. Partner Quak Fi Ling led the firm’s team in the transaction, together with partner Kylie Peh.
WongPartnership is also acting for Italian deep tech investor Liftt and existing investor Wavemaker Partners, as lead investors, on the US$4.7 million Series A funding round of ENTROPICA Labs, a Singapore-based quantum software company. The funds will be used to expand the company’s team in the areas of quantum error correction, software engineering and computing architectures. Partner Kyle Lee is leading the firm’s team in the transaction, together with partner Kylie Peh.