Allen & Gledhill has acted as transaction counsel to the Housing and Development Board on the issue of S$800 million (US$596m) 2.977 percent green notes due 2029, under its S$32 billion (US$24b) multicurrency medium term note programme. The notes are an issuance of green bonds, proceeds of which are intended to be used to finance or refinance eligible green projects under the Project Category of Green Buildings, and for such other purposes, as set out in the Board’s Green Finance Framework. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Oversea-Chinese Banking Corporation, as the sole lead manager and book-runner, on the issue of S$450 million (US$335.4m) 4.05 percent perpetual capital securities first callable in 2029, under its US$30 billion global medium term note programme. Partner Glenn David Foo led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised STT GDC on the issue of S$450 million (US$335.4m) 5.7 percent sustainability-linked perpetual (SLP) securities, under its US$1.5 billion multicurrency debt issuance programme. Partners Margaret Chin, Delwin Singh and Sunit Chhabra led the firm’s team in the transaction, which is the first public benchmark SLP in Asia, the first Singapore dollar-denominated SLP, and the first public perpetual securities issued by a pure play data centre.
Cyril Amarchand Mangaldas has advised JSW Paints on the Rs7.5 billion (US$90m) strategic investment by JSW Steel into JSW Paints. JSW Paints issued equity shares aggregating to 12.84 percent (11.85 percent on a fully diluted basis) of JSW Paints equity share capital to JSW Steel. Corporate partner Gautam Gandotra led the firm’s team in the transaction, which closed on November 22, 2023.
Cyril Amarchand Mangaldas has also advised Premji Invest, the private equity and venture capital investment arm of Azim Premji, on its proposed 100 percent exit from Fabindia subsidiary Organic India, a company engaged in the business of organic foods, health supplements and Ayurvedic products. Partners Ravindra Bandhakavi (private equity head) and Anandita Kaushik led the firm’s team in the transaction, which was signed on January 12, 2024.
JSA has advised A91 Partners on its investment in Akshayakalpa Farms and Foods, a company which manufactures and sells organic milk and milk products. The transaction consisted of a Series C primary investment and a secondary share acquisition. The Series C investment round was led by A91 Partners, with the participation of existing investors British International Investment and Rainmatter Climate Investments. A91 Partners further acquired shares from Lok Capital Growth Fund and several angel investors. Founded in 2010 by GNS Reddy and Shashi Kumar, Akshayakalpa emerged with a vision to foster a healthier and more sustainable food ecosystem. Starting as a modest startup with only three farmers, the organization currently boasts of a network of almost 600 farmers and caters to over 60,000 consumers daily in Bengaluru, Hyderabad and Chennai through its digital platform. Initially established as a direct-to-consumer brand, Akshayakalpa has significantly expanded, and now offers its products through a broad network of approximately 2,000 retail outlets and major e-commerce and quick commerce platforms, in addition to its digital platform. Partners Probir Roy Chowdhury and Yajas Setlur led the firm’s team in the transaction.
JSA has also advised British International Investment, the United Kingdom’s development finance institution and impact investor, on a financing via non-convertible debentures up to Rs1.2 billion (US$14.4m) issued by Sewa Grih Rin (Sitara), an affordable housing finance company. The primary goal of this financing is to enable Sitara to provide home loans to women from the informal sector to promote financial inclusion and women’s economic empowerment. Partners Aashit Shah and Tirthankar Datta led the firm’s team in the transaction.
Mayer Brown has represented Shriram Finance, one of India’s largest retail non-banking financial corporations, on its successful Rule 144A / Regulation S offering of US$750 million 6.625 percent Senior Secured Notes due 2027, under its US$3.5 billion Global Medium Term Note Program (GMTN). The firm also advised Shriram Finance on its annual GMTN program update. Corporate and securities partner Thomas Kollar, supported by partner Phillip Hyde, led the firm’s team in the transaction.
Mayer Brown has also represented Mongolian Mortgage Corporation and MIK Holding on their exchange offer for 8.85 percent Senior Notes due 2024 and the concurrent new issuance of US$225 million 11.5 percent Senior Notes due 2027. The firm also acted on the 2024 notes issuance. Corporate and securities partners Jason Elder (New York) and Thomas Kollar (Hong Kong) led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised ICICI Securities, Goldman Sachs (India) Securities and SBICAP Securities, as the brokers, on the offer for sale, via the stock exchanges, by India’s Ministry of Power of NHPC. The deal is valued at approximately US$293.12 million. The sellers filed the notice for the offer for sale with the Indian stock exchanges on January 17, 2024. The offer involved a sale of up to approximately 351.6 million equity shares of NHPC, representing 3.5 percent of NHPC’s total paid up equity share capital, as of December 31, 2023. AZB & Partners and Hogan Lovells Lee & Lee advised the Ministry of Power on the Indian and international aspects, respectively. Linklaters Singapore advised Goldman Sachs (India) Securities on the international aspect.
Skadden has advised the underwriters, led by JP Morgan Securities, BofA Securities, Goldman Sachs & Co and SMBC Nikko Securities America, on a US$1.04 billion offering of 5.875 percent step-up callable perpetual subordinated notes due in January 2034 by Sumitomo Life Insurance. The notes were listed in Singapore. Corporate partner Kenji Taneda led the firm’s team in the transaction.
Trilegal has acted as the sole counsel for the public issue by Muthoot Finance of secured, rated, listed, redeemable, non-convertible debentures with face value of Rs1,000 (US$12.00) each for Rs1 billion (US$12m), with an option to retain oversubscription up to Rs9 billion (US$108m), aggregating to Rs10 billion (US$120m), which is within the shelf limit of Rs26 billion (US$3.23b). Muthoot Finance is the largest gold loan non-banking financial corporation in India, in terms of loan portfolio. In addition to financing gold transactions, the company offers micro-finance, housing finance, vehicle and equipment finance, and insurance broking services. Partners Richa Choudhary (capital markets) and Joseph Jimmy (banking & finance) led the firm’s team in the transaction.
Trilegal has also advised Duro Capital on its acquisition, via a combination of primary investment and secondary purchase, of a minority stake in SK Finance. Corporate partner Pranav Atit, supported by partners Komal Dani (tax) and Gautam Chawla (competition), led the firm’s team in the transaction.
Moreover, Trilegal has represented Delhi International Airport (DIA), the developer and operator of Indira Gandhi International Airport New Delhi, (IGIA), before the Delhi High Court on its challenge to the Ministry of Civil Aviation’s (MoCA) decision to commence regular commercial flights from Hindon Airforce Station. The High Court has directed the MoCA and the Airports Authority of India (AAI) to file their responses and posted the matter for final hearing. Under a Memorandum of Understanding signed among DIA, MoCA and AAI, DIA had consented to the use of Hindon Airforce Station for operation of flights under India’s Regional Connectivity Scheme due to shortage of slots for such flights, only as an interim and stopgap arrangement until the ongoing upgrade and expansion works at IGIA are completed. Post the completion of these works, these flights were to revert to IGIA. As per MoCA’s policies, no greenfield airport is permitted to be set up within 150 kms of an existing airport, unless such existing airport reaches its saturation capacity, or a new focal point of traffic emerges with sufficient viability. It is DIA’s stand that Hindon Airforce Station falls within 150 kms of IGIA, which is far from reaching its saturation capacity, and is already serving the catchment area of Hindon. MoCA’s decision to unilaterally cancel the MoU and permit AAI to commence regular commercial operations at Hindon Airforce Station is contrary to the assurances made by it under its policies, based on which the GMR-led consortium bid for IGIA. Setting up a competing airport at Hindon Airforce Station and the diversion of traffic for the same catchment area will impact the viability of IGIA. Disputes partner Milanka Chaudhury led the firm’s team in the matter.
WongPartnership is acting as Singapore counsel to Terraform Labs on its restructuring under Chapter 11 of the Bankruptcy Code in the United States. Partners Smitha Menon, Ling Pei Lih and Clayton Chong are leading the firm’s team in the matter.
WongPartnership is also acting for Frasers Property on the proposed sale of its stake in retail mall NEX to Frasers Centrepoint Asset Management, the manager of Frasers Centrepoint Trust (FCT), for a total acquisition price of approximately S$321.3 million (US$239.5m). Upon completion of the sale, FCT will hold an effective 50 percent interest in NEX. Partners Andrew Ang and Soong Wen E are leading the firm’s team in transaction, together with partners Monica Yip and Jerry Tan.