AZB & Partners is advising Decision Point on the Rs3.2 billion (US$38.3m) acquisition by LatentView Analytics of Decision Point. Partners Aarthi Sivanandh and Bhavana Alexander are leading the firm’s team in the transaction, which was signed on March 28, 2024 and is yet to be completed.
AZB & Partners has also advised Sterlite Power Transmission on the Rs75 billion (US$898.2m) acquisition of 49 percent stake by GIC Infra Holdings affiliates Stretford End Investment and Anahera Investment in Sterlite Power Transmission. Partners Zia Mody, Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on March 26, 2024.
Moreover, AZB & Partners has advised Sterlite Power Transmission on the acquisition by SGL 32, a joint venture company set up by Sterlite Power Transmission with GIC Infra Holdings, of Kishtawar Transmission, Nangalbibra Bongaigaon Transmission and Fatehgarh III Beawar Transmission from Sterlite Power Transmission. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on March 28, 2024.
Cyril Amarchand Mangaldas has advised Adani Ports and Special Economic Zone (APSEZ) on its acquisition of 95 percent stake, comprising of 56 percent from SP Port Maintenance and 39 percent from Orissa Stevedores, of Gopalpur Ports from the existing shareholders. The investment is in line with APSEZ’s strategy of East Coast to West Coast parity. Partner Surya Sreenivasan, supported by partners Paridhi Adani, Surya Sreenivasan, Ankita Ray, Monark Gahlot and Kirthi Srinivas, led the firm’s team in the transaction, which was signed on March 25, 2024.
Davis Polk has advised Lianlian DigiTech on its IPO and listing in Hong Kong and Rule 144A / Regulation S international offering, raising gross proceeds of approximately HK$657.15 million (US$84m). Lianlian is a digital payment solution provider from China with a global payment capability to serve customers around the world. As of December 31, 2023, Lianlian has a global license layout of 64 payment licenses and relevant qualifications, which enables it to serve customers to conduct their trading activities on global and regional e-commerce platforms that encompass over 100 countries and regions and support transactions in over 130 currencies. Lianlian established a joint venture with American Express, namely LianTong. LianTong was granted a bankcard clearing business license in June 2020, making it the first Sino-foreign joint venture bankcard clearing institution established in China. LianTong provides settlement, clearing and related activities for bank cards carrying “American Express” brands issued by card issuing banks in China, offering bankcard clearing and settlement services to issuing banks and merchant acquirers in its network, as well as cardholder benefits to Chinese consumers, both in China and globally. Partners Li He, Jason Xu and Ran Li led the firm’s multi-jurisdictional team in the transaction.
Saraf and Partners has advised DAM Capital Advisors, as the placement agent, on the qualified institutions placement of equity shares valued at Rs4.8 billion (US$57.5m) by Wockhardt, a prominent research-based pharmaceutical company in India. Wockhardt maintains a global presence with operations in approximately 45 countries. The company currently manages 12 manufacturing facilities and two research and development centres across India and overseas. The successful QIP included an issue and allotment of approximately 9.3 million equity shares to eligible qualified institutional buyers. DAM Capital Advisors attracted participation from esteemed investors, such as ICICI Prudential, Tata Indian Opportunities Fund, HDFC Mutual Fund, and Societe Generale. The equity shares were allotted at an issue price of Rs517 (US$6.20) each, constituting a five percent discount to the QIP floor price of Rs544.02 (US$6.52) per share. Capital markets partner Murtaza Zoomkawala led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised International Finance Corporation on its subscription to the debentures issued by Grasim Industries. The deal involved the Grasim Industries borrowing up to Rs12.5 billion (US$150m) via issuance of fully paid-up, unsecured, unlisted, rated, redeemable, non-convertible debentures on a private placement basis. Partners Shilpa Mankar Ahluwalia and Akshita Agrawal led the firm’s team in the transaction, which was one of the first issuances of non-convertible debt securities by a listed company to a multilateral institution, pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. S&R Associates advised Grasim Industries.
Shardul Amarchand Mangaldas & Co has also advised Bajaj Auto on executing a strategic buyback of up to four million fully paid-up equity shares, valued at Rs10,000 (US$120) each, from equity shareholders on a proportionate basis, via the Tender Offer route, as prescribed under the SEBI (BuyBack of Securities) Regulations 2018. The buyback offer price represented a premium of 50.09 percent and 50.04 percent over the closing price of the equity share on the BSE and NSE, respectively, as of the day preceding the date of intimation of board meeting (January 2, 2024) to approve the buyback. JM Financial and KFin Technologies acted as the managers and registrars, respectively, to the buyback. Executive chairman Shardul Shroff and partner Yogesh Chande, supported by partner Manan Mehta, led the firm’s team in the transaction.
S&R Associates has represented IRB Infrastructure Trust, an infrastructure investment trust which owns and operates road assets, on its Rs22.53 billion (US$170m) fast-track rights issue of 92 million units to eligible unitholders of the InvIT, including IRB Infrastructure Developers (sponsor of the InvIT) and affiliates of GIC, and the InvIT’s investments in IRB Lalitpur Tollway, IRB Kota Tollway and IRB Gwalior Tollway, which operate and maintain toll roads in the Indian states of Uttar Pradesh, Rajasthan and Madhya Pradesh, respectively. Partner Pratichi Mishra led the firm’s team in the transaction.
Trilegal has advised Wockhardt on its qualified institutions placement of equity shares aggregating to Rs4.8 billion (US$57.5m). Wockhardt is one of the key research-based pharmaceutical companies from India, and has a global footprint with operations across 45 countries and 12 manufacturing facilities. The proceeds from the QIP will be utilised towards repayment of borrowings, and funding clinical trials and research and development of its novel antibiotics focused on resistant organisms. DAM Capital Advisors was the placement agent for the QIP, which was anchored by marquee investors, such as ICICI Prudential, Tata Indian Opportunities Fund, HDFC Mutual Fund and Societe Generale. Capital markets partner Richa Choudhary led the firm’s team in the transaction.