AZB & Partners has advised Bain Capital on the Rs9.1 billion (US$109m) sale by its affiliates, BC Investments VI and BC Asia Growth Investments, of equity stake of L&T Finance Holdings on the stock exchange. The shares traded on September 12, 2023. Partners Anil Kasturi, Nandita Govind and Hufriz Wadia led the firm’s team in the transaction.

AZB & Partners is also advising Samvardhana Motherson International on its Rs466 million (US$5.6m) acquisition of equity stake in Irillic. Partner Niladri Maulik is leading the firm’s team in the transaction, which was signed on October 20, 2023 and is yet to be completed.

Azmi & Associates has acted as main counsel to national fund and retirement institutions Permodalan Nasional, Employees’ Provident Fund and Kumpulan Wang Persaraan (Diperbadankan) on their groundbreaking strategic investment collaboration with OSRAM Opto Semiconductors (Malaysia). The transaction involves the sale and leaseback of OSRAM’s new state-of-the-art facility with joint investment value of RM2 billion (US$419m) and with clear exit plan for the co-investors. Senior partner Dato’ Azmi Mohd Ali and partners Zuhaidi Mohd Shahari, Mohd Sallahudin Abdullah and Muhammad Inamul Hassan Shah led the firm’s team in the transaction, while Cherha Hempel advised on Austrian law.

Baker McKenzie Wong & Leow (in Singapore) and HHP Law Firm (in Jakarta) have advised MUFG Bank, United Overseas Bank, Bank of China, CTBC Bank, DBS Bank and Mizuho Bank, as the mandated lead arrangers and book-runners, on a US$700 million sustainability-linked syndicated term loan facility for Sarana Multi Infrastruktur (SMI), a state-owned enterprise under Indonesia’s Ministry of Finance. The facility is SMI’s first sustainability-linked loan, which features concrete performance targets that are in line with its ESG commitment. It received strong interest from investors during syndication, resulting in an oversubscription with commitments of approximately US$1.8 billion. Baker McKenzie Wong & Leow banking and finance principal Chu Kah Chin and HHP Law Firm banking and finance senior partner Mita Guritno led their firm’s respective team in the transaction.

Cyril Amarchand Mangaldas has advised NIIF Infrastructure Finance on extending financial support aggregating to Rs2.1 billion (US$25m) to six special purpose vehicles of Vibrant Energy Holdings. The six 6 SPVs of Vibrant Energy Holdings, namely (a) Arkha Solar Power; (b) Egan Solar Power; (c) Ethan Energy India; (d) Natems Solar Power; (e) Repal Green Power; and (f) Repal Renewables, sought financing support for repayment/refinancing of the investments made in the construction and development of their solar power project being developed in the state of Andhra Pradesh/Telangana. Partners Subhojit Sadhu and Yash Jain led the firm’s team in the transaction, which was signed on October 6, 2023 and is expected to close in this quarter.

Khaitan & Co has advised Ola Electric and its founder, Bhavish Agarwal, on its US$146 million Series E investment round by Temasek and other investors, including existing shareholders, and RNT’s secondary exit to Temasek. Partners Sharad Moudgal and Renu Gopalakrishnan, supported by partners Anisha Chand, Nikhilesh Rao and Ganapathy Subbaiah, led the firm’s team in the transaction.

Khaitan & Co has also advised True North on its proposed partial exit from Niva Bupa Health Insurance through a secondary sale of shares to Bupa. Niva Bupa offers health insurance through more than 20 bank partners, and has over 10,000 hospitals as part of its network; it is currently India’s third largest health insurer, with a market share of 8.4 percent. True North has agreed to sell approximately 20 percent of its stake in Niva Bupa to Bupa, True North’s joint venture partner in Niva Bupa, for approximately Rs27 billion (US$324m). Completion of this sale is subject to the IRDAI’s approval, and will result in Bupa becoming a majority shareholder in Niva Bupa (with Bupa’s shareholding increasing to approximately 63 percent) and transfer of control of Niva Bupa by True North to Bupa. Partners Niren Patel and Saswat Subasit, supported by partner Shreya Mukherjee, led the firm’s team in the transaction.

Simpson Thacher is advising The Carlyle Group on its strategic partnership with Korea Investment & Securities (KIS), through which KIS will invest approximately US$300 million in funds operated by Carlyle and will gain access to approximately US$4 billion in overseas credit products. Through the partnership, KIS aims to expand its international offerings and establish a pipeline for retail product development. Carlyle is a global investment firm with US$385 billion in assets under management and deep industry expertise that deploys private capital across its business. Carlyle conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. Partners David Greene, Sage Hughes, Christopher Healey, Nancy Mehlman, Jonathan Goldstein and Jodi Schneider led the firm’s team in the transaction.

Skadden has represented the underwriters on the IPO and listing in Hong Kong by J&T Global Express. The amount raised was approximately HK$3.92 billion (US$501m), exclusive of the over-allotment option. Trading commenced on October 27, 2023. J&T is a global logistics service provider, with delivery services spanning 13 countries. It is the number one express delivery operator in Southeast Asia by parcel volume. Partners Haiping Li (Hong Kong/Shanghai), Paloma Wang (Hong Kong) and Yuting Wu (Shanghai) led the firm’s team in the transaction.

Trilegal has acted as Indian counsel to IRM Energy on its IPO of equity shares. The proceeds of the IPO will be utilised for funding the capital expenditure requirements for the development of the city gas distribution network, prepayment or repayment of certain outstanding borrowings, and general corporate purposes. Partners Bhakta Patnaik (capital markets head) and Brajendu Bhaskar led the firm’s team in the transaction.

TT&A has represented Mr Rajiv Rattan and Affiliates on the settlement of disputes between the joint venture partners of Rattan India Finance, a joint venture between Mr Rajiv Rattan and his affiliates, and Lone Star Funds and its affiliates. The two joint venture partners were in a dispute which has come to an end and has been settled between the parties, resulting in a proposed reduction of the shareholding of the company held, inter alia, by Lone Star Funds and its affiliates for approximately Rs6.11 billion (US$73.4m). Partners Gautam Saha, Sachin Mehta and Neville Golwalla led the firm’s team in the transaction.

WongPartnership is acting for the owners of Flash coffee on the closure of Flash coffee’s remaining 11 Singapore outlets and the winding up of the business in Singapore. Partner Smitha Menon is leading the firm’s team in the matter.

WongPartnership is also acting for GGV Capital on its acquisition of a minority stake in Indonesia’s aquaculture giant, eFishery, which turned unicorn earlier this year with a last valuation of US$1.4 billion. Partner Kyle Lee is leading the firm’s team in the transaction.

AZB & Partners has advised Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the acquisition of majority stake by Vertical Holdings II, together with KIA EBT Scheme 3, in LEAP India. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was valued at more than US$100 million and was completed on October 9, 2023.

AZB & Partners has also advised Gleneagles Development on its approximately Rs7.4 billion (US$89m) acquisition of the entire equity stake of Ravindranath Ge Medical Associates and Global Clinical Research Services from Dr K Ravindranath and affiliates. Partner Daksh Trivedi led the firm’s team in the transaction, which was completed on September 25, 2023.

Moreover, AZB & Partners has acted as Indian counsel to Elliott Investment Management on its acquisition, together with Patient Square Capital and Veritas Capital Fund Management, of Syneos Health, including its four Indian subsidiaries inVentiv International Pharma Services, Kendle India, Kinapse India Scientific Services and RxData Science India. Partner Divya Mundra led the firm’s team in the transaction, which was completed on September 28, 2023.

Drew & Napier has advised Niks Professional on its IPO and listing in Singapore. Niks Professional is offering 21.8 million new shares at S$0.23 (US$0.168) per share, which comprise 20.8 million placement shares, which also include approximately 3.7 million reserved shares for management, employees and directors, and one million public shares. They will raise S$5 million (US$3.65m) in gross proceeds, with net proceeds coming to S$3.3 million (US$2.4m), after deducting relevant listing expenses. The stock is expected to start trading on October 27, 2023. Niks Professional is a trusted and established family practice dermatology and aesthetic medical services provider that also offers a comprehensive range of medical skincare products and salon services to complement medical solutions. The company and its subsidiaries have operations in Singapore and China. Directors Steven Lo and Ng Pei Tong led the firm’s team in the transaction.

Khaitan & Co has advised Videonetics Technology and its promoters Dr Tinku Acharya and Mrs Baishali Acharya on a sale of significant stake in Videonetics to private equity firm Florintree Adtech, via secondary purchase of shares. Videonetics is a Kolkata-based video computing platform. Its unified video management platform is a one-stop integrated video management solution that is also modular, encompassing cutting-edge applications. Led by former Blackstone India head Mathew Cyriac, Florintree Advisors is a growth-stage private equity firm that invests in technology-backed companies. The transaction also involved the exit of other financial investors Gennext Venture Fund and Cisco Systems (USA) from Videonetics. Partner Shourya Sengupta led the firm’s team in the transaction.

Khaitan & Co has also represented Vodafone Idea before the High Court of Delhi against the decision of the Appellate Authority of the GST Commissionerate, New Delhi. Vodafone Idea filed a petition challenging the rejection of the IGST refund paid by it under Section 16 (3) of IGST Act.  The Office of the Joint Commissioner of CGST (Appeals) had rejected the refund claims on the grounds, inter alia, that Vodafone Idea’s telecom services, which included international inbound roaming services and international long-distance services to foreign telecom operators by virtue of the International Roaming Agreement, are not export of service, and that it is not a zero-rated supply entitled to refund; and b) that the refund claims were barred by limitation. The Division Bench of the High Court allowed the petition, holding that the transactions constitute export of service. On the question of limitation, the High Court held that the period between March 1, 2020 and February 28, 2022 is required to be excluded for the purpose of limitation for refund claims, in terms of the GST Notification 13/2022-Central Tax, and therefore, the claims cannot be said to be time barred. Accordingly, the High Court allowed the petition and directed the Department to process the refund claim. Vanita Bhargava and Shantanu Chaturvedi led the firm’s team in the matter.

R&T Asia (Thailand), has represented major retail companies CP Retail Development and Tesco Stores (currently known as Lotus’s Stores) on a case challenging the Trade Competition Commission’s approval of their US$10.6 billion merger in Thailand. The plaintiffs claimed the approval was unlawful, but the Central Administrative Court ruled in favour of the mergers, affirming the lawfulness of the disputed order in all aspects, and the case was dismissed. Partner Supawat Srirungruang led the firm’s team in the matter.

Rajah & Tann Singapore and Christopher & Lee Ong have acted for TSH Resources on its secondary listing in Singapore. Primarily listed in Malaysia, TSH Resources is principally engaged in oil palm cultivation and the processing of fresh fruit bunches into crude palm oil and palm kernel. As of the date of listing, TSH Resources had a market capitalisation of approximately RM1.38 billion (US$289m). Partners Raymond Tong and Jasselyn Seet from Rajah & Tann Singapore led the firms’ team in the transaction, alongside partner Por Chuei Ying from Christopher & Lee Ong.

Rajah & Tann Singapore is advising Hsteel on its S$140 million (US$102m) investment in New Vision Holding, which is presently held by The Place Singapore Investment (a subsidiary of Singapore-listed The Place Holdings), MCC Land (Singapore) and Sun Card. Partners Danny Lim and Cynthia Wu (capital markets/M&A), together with partner Elsa Chai (corporate real estate), are leading the firm’s team in the transaction.

Shardul Amarchand Mangaldas has advised JICC-01 Limited Partnership, Hitachi Astemo, Honda Motor and Hitachi Astemo Electric Motor Systems (HAEMS) on procuring the CCI’s approval, filed by way of a Form I notification form. The transaction comprised the acquisition of:  (i) 20 percent voting rights in Hitachi Astemo by JICC, together with certain control rights, board representation and other rights;  (ii) additional 6.6 percent voting rights in Hitachi Astemo by Honda Motor, such that 40 percent of the voting rights in Hitachi Astemo would be held by Honda Motor; and (iii) 49 percent shareholding in HAEMS by Hitachi Astemo, such that 100 percent of the shareholding of HAEMS is held by Hitachi Astemo. Partners Shweta Shroff Chopra and Gauri Chhabra, supported by managing partner Pallavi Shroff, led the firm’s team in the transaction, which is valued at approximately Rs188.56 billion (US$2.27b) and closed on October 17, 2023.

S&R Associates is representing Freight Commerce Solutions, the operator of the “Freight Tiger” digital platform in the logistics industry, on a proposed Rs1.5 billion (US$18m) strategic investment in 26.79 percent of its share capital by Tata Motors, a listed global automotive manufacturer. Partner Sudip Mahapatra is leading the firm’s team in the transaction, which is subject to customary conditions.

TT&A has acted as Indian counsel to Tata Motors on an acquisition of 26.79 percent stake in Freight Commerce Solutions, via primary investment of Rs1.5 billion (US$18m) through a combination of equity shares and compulsory convertible preference shares. Tata Motors has already introduced its connected vehicle platform ‘Fleet Edge’ for aiding fleet operations management. Tata Motors’ strategic investment in ‘Freight Tiger’ will accelerate the company’s initiatives in driving effectiveness and efficiency in the truck and freight ecosystem. Together, these innovative solutions (‘Fleet Edge’ & ‘Freight Tiger’) aspire to forge a comprehensive end-to-end digital ecosystem for the entire logistics value chain, covering both the truck and the trip ecosystem, thereby bringing significant benefits to shippers, brokers and transporters who keep India moving. Partners Gautam Saha, Sachin Mehta and Deepa Christopher led the firm’s team in the transaction.

AZB & Partners has advised CIF II Scheme I (Creaegis) on its Rs2.4 billion (US$29m) acquisition of stake in Kale Logistics. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on October 6, 2023.

AZB & Partners has also advised Addition Three, a fund managed by Addition Capital, on its US$12.4m) acquisition of equity stake in SuperOps. Partners Srinath Dasari, Nanditha Gopal and Gautam Rego led the firm’s team in the transaction, which was completed on October 10, 2023.

Moreover, AZB & Partners is advising Bharti Life Ventures (BLV) and Bharti AXA Life Insurance (BALI) on BLV’s acquisition of balance equity stake in BALI from AXA India Holdings. Partners Anil Kasturi and Niladri Maulik are leading the firm’s team in the transaction, which was signed on October 11, 2023 and is yet to be completed.

Baker McKenzie has acted for BIM Land, Vietnam’s leading tourism and property developer, and Thanh Xuan on the issuance of Vietnam’s first local currency sustainability bonds. The bonds issue will enable both companies to expand their businesses while creating jobs, boosting competitiveness and supporting the country’s low-carbon growth model. Both BIM Land and Thanh Xuan are subsidiaries of BIM Group, a Vietnam-based multi-sector corporation. On September 19, 2023, the International Finance Corporation announced that it would invest up to Vnd 3.49 trillion (US$123m) in the bonds. The proceeds will be used to develop the Thanh Xuan valley project in northern Vinh Phuc province, which includes an eco-friendly and unique residential community alongside a hotel complex under the InterContinental brand, as well as other relevant services and infrastructure. The IFC funding will also help the developers implement water and energy savings solutions in the InterContinental and the Regent, two BIM Land hotels in Phu Quoc Island. Partner Oanh Nguyen led the firm’s team in the transaction.

Clifford Chance has advised Commonwealth Bank of Australia, as the sole sustainability coordinator, mandated lead arranger, book-runner and facility agent, on a sustainability-linked A$500 million (US$317.3m) syndicated credit facility for Gold Fields, the seventh largest gold producer in the world. The five-year syndicated credit facility, with a A$100 million (US$63m) accordion option, will enable Gold Fields to receive a margin adjustment based on its performance against ESG-related goals, such as increasing female representation in its workforce, reducing carbon emissions and using more recycled water. Perth partner Mark Gillgren led the firm’s team in the transaction, which is one of the first sustainability-linked loan transactions in the Australian mining industry, and the first for a gold mining company in the country.

AZB & Partners has advised CIF II Scheme I (Creaegis) on its Rs2.4 billion (US$29m) acquisition of stake in Kale Logistics. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on October 6, 2023.

AZB & Partners has also advised Addition Three, a fund managed by Addition Capital, on its US$12.4m) acquisition of equity stake in SuperOps. Partners Srinath Dasari, Nanditha Gopal and Gautam Rego led the firm’s team in the transaction, which was completed on October 10, 2023.

Moreover, AZB & Partners is advising Bharti Life Ventures (BLV) and Bharti AXA Life Insurance (BALI) on BLV’s acquisition of balance equity stake in BALI from AXA India Holdings. Partners Anil Kasturi and Niladri Maulik are leading the firm’s team in the transaction, which was signed on October 11, 2023 and is yet to be completed.

Baker McKenzie has acted for BIM Land, Vietnam’s leading tourism and property developer, and Thanh Xuan on the issuance of Vietnam’s first local currency sustainability bonds. The bonds issue will enable both companies to expand their businesses while creating jobs, boosting competitiveness and supporting the country’s low-carbon growth model. Both BIM Land and Thanh Xuan are subsidiaries of BIM Group, a Vietnam-based multi-sector corporation. On September 19, 2023, the International Finance Corporation announced that it would invest up to Vnd 3.49 trillion (US$123m) in the bonds. The proceeds will be used to develop the Thanh Xuan valley project in northern Vinh Phuc province, which includes an eco-friendly and unique residential community alongside a hotel complex under the InterContinental brand, as well as other relevant services and infrastructure. The IFC funding will also help the developers implement water and energy savings solutions in the InterContinental and the Regent, two BIM Land hotels in Phu Quoc Island. Partner Oanh Nguyen led the firm’s team in the transaction.

Clifford Chance has advised Commonwealth Bank of Australia, as the sole sustainability coordinator, mandated lead arranger, book-runner and facility agent, on a sustainability-linked A$500 million (US$317.3m) syndicated credit facility for Gold Fields, the seventh largest gold producer in the world. The five-year syndicated credit facility, with a A$100 million (US$63m) accordion option, will enable Gold Fields to receive a margin adjustment based on its performance against ESG-related goals, such as increasing female representation in its workforce, reducing carbon emissions and using more recycled water. Perth partner Mark Gillgren led the firm’s team in the transaction, which is one of the first sustainability-linked loan transactions in the Australian mining industry, and the first for a gold mining company in the country.

Khaitan & Co has advised Warner Music India on the acquisition of E Positive Entertainment, an Indian artist management and live events company.  E-Positive represents Darshan Raval, who ranks among the top five most-streamed artists in India. Raval is also the fastest-growing artist in the region, having quadrupled his daily streams in the past 12 months. Partner Bhavik Narsana, supported by partners Tanu Banerjee, Nishad Nadkarni and Deepak Kumar, led the firm’s team in the transaction.

Khaitan & Co has also advised True North, one of the oldest mid-market private equity firms in India, on its acquisition, through True North’s Fund VI, of a minority stake in each of iLink Multitech Solutions and iLink Systems for a total consideration of US$75 million. Partners Niren Patel and Shreya Mukherjee, supported by partners Mehul Shah, Bijal Ajinkya, Shabnam Shaikh, Anshuman Sakle and Nayantara Kutty, led the firm’s team in the transaction.

Paul Hastings has advised Morgan Stanley Asia, China International Capital Corporation Hong Kong Securities and China Securities (International) Corporate Finance, as the joint sponsors, overall coordinators, joint global coordinators, joint book-runners, joint lead managers and capital market intermediaries, on the HK$820.3 million (US$105m) global offering and listing of Shiyue Daotian Group in Hong Kong. Shiyue Daotian is one of the leading and rapidly growing pantry staple food companies in China, dedicated to providing consumers with pre-packaged premium rice, whole grain, bean and dried food products. Founding partner and Greater China chair Raymond Li and corporate partners Peter Cheng and Steven Hsu led the firm’s team in the transaction.

Skadden is acting as US counsel to the consortium on Genetron Holdings’ definitive agreement and plan of merger with New Genetron Holding and its wholly-owned subsidiary Genetron New Co. Pursuant to the merger agreement and subject to the terms and conditions thereof, Genetron New Co will merge with and into Genetron Holdings, with Genetron Holdings continuing as the surviving entity and becoming a wholly-owned subsidiary of New Genetron Holding. Genetron Holdings is a leading precision oncology platform company in China that specializes in offering molecular profiling tests, early cancer screening products and companion diagnostics development. Corporate partners Peter Huang (Beijing) and Haiping Li (Hong Kong) led the firm’s team in the transaction, which implies an equity value of approximately US$126 million for Genetron Holdings.

WongPartnership has acted for Cercano Management Asia, as lead investor, on the series seed funding round of KozyStay, a proptech start-up based in Indonesia. Partner Kyle Lee led the firm’s team in the transaction, with partner Kylie Peh.

Allen & Gledhill has acted as transaction counsel to United Overseas Bank on the US$700 million term and revolving credit facilities to Diamond Two, a company sponsored by CapitaLand Investment and GIC (Realty). The facilities are aligned with the Green Loan Principles and will be used to refinance certain borrowings relating to the investment in Raffles City the Bund, an integrated development comprising office and retail components in Shanghai. Partner Lim Wei Ting led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to DBS Bank on the CNH1.582 billion (US$219m) term loan facility to Bantex Investments, a company sponsored by GIC (Realty), to finance its general corporate funding requirements relating to its investment in Beijing Lize Azia, a 47-storey office in Beijing. Partner Lim Wei Ting also led the firm’s team in the transaction.

AZB & Partners is advising TotalEnergies on its Rs50 billion (US$601m) acquisition of a 1050 Mwac renewable portfolio from Adani Power. Partners Darshika Kothari, Qais Jamal, Nikunj Maheshwari and Kritika Agarwal are leading the firm’s team in the transaction, which was signed on September 20, 2023 and is yet to be completed.

AZB & Partners has also advised Goldman Sachs Investments Holdings (Asia), one of the selling shareholders, on the IPO of approximately 108.74 million equity shares aggregating to Rs13.7 billion (US$164.6m), comprising a fresh issue of approximately 95.24 million equity shares aggregating up Rs12 billion (US$144m) and an offer for sale of up to 13.5 million equity shares aggregating to approximately Rs1.7 billion (US$20.4m), by Goldman Sachs Investments Holdings (Asia), Blue Chandra and GTI Capital Alpha. The equity shares listed on September 22, 2023. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction.

Moreover, AZB & Partners has advised TPG Asia VII SF on the IPO comprising a fresh issue of equity shares aggregating up to Rs1.8 billion (US$21.6m), and an offer for sale of up to 17.24 million equity shares by TPG Asia VII SF and certain other shareholders. The shares were allotted on September 18, 2023. Partners Varoon Chandra and Lionel D’Almeida also led the firm’s team in the transaction, which has a total consideration of Rs13.35 billion (US$160.4m).

Baker McKenzie has advised International School Partnership (ISP), a leading international group of private schools, on the acquisition of Berda Claude International School of Phuket (BCIS) and Bangkok Prep in Bangkok, enabling ISP to secure a strong foothold in the education industry in Thailand and strengthening their strategic growth plan. Both schools will form part of ISP’s Thailand and Vietnam regional cluster. ISP is a growing group of private schools around the world educating children and students from 2–18 years of age, and dedicated to delivering high-quality education. Located on a state-of-the art campus in central Bangkok, Bangkok Prep consistently performs well in academic terms (and leads quality rankings in SE Asia), and its students study in the very best tier one universities globally. BCIS is in the south-east area of Phuket, and stands out for being the only dual British and French curriculum school on Phuket Island providing a student-led curriculum to over 900 students, supported by over 200 staff. ISP has now expanded to 76 schools delivering multiple curricula and building on local brands and reputations with around 65,000 students and 9,000 staff located across the globe. Bangkok corporate and M&A partner Bulin Sanooj led the firm’s team in the transaction.

Moreover, AZB & Partners has advised TPG Asia VII SF on the IPO comprising a fresh issue of equity shares aggregating up to Rs1.8 billion (US$21.6m), and an offer for sale of up to 17.24 million equity shares by TPG Asia VII SF and certain other shareholders. The shares were allotted on September 18, 2023. Partners Varoon Chandra and Lionel D’Almeida also led the firm’s team in the transaction, which has a total consideration of Rs13.35 billion (US$160.4m).

Baker McKenzie has advised International School Partnership (ISP), a leading international group of private schools, on the acquisition of Berda Claude International School of Phuket (BCIS) and Bangkok Prep in Bangkok, enabling ISP to secure a strong foothold in the education industry in Thailand and strengthening their strategic growth plan. Both schools will form part of ISP’s Thailand and Vietnam regional cluster. ISP is a growing group of private schools around the world educating children and students from 2–18 years of age, and dedicated to delivering high-quality education. Located on a state-of-the art campus in central Bangkok, Bangkok Prep consistently performs well in academic terms (and leads quality rankings in SE Asia), and its students study in the very best tier one universities globally. BCIS is in the south-east area of Phuket, and stands out for being the only dual British and French curriculum school on Phuket Island providing a student-led curriculum to over 900 students, supported by over 200 staff. ISP has now expanded to 76 schools delivering multiple curricula and building on local brands and reputations with around 65,000 students and 9,000 staff located across the globe. Bangkok corporate and M&A partner Bulin Sanooj led the firm’s team in the transaction.

Moreover, AZB & Partners has advised TPG Asia VII SF on the IPO comprising a fresh issue of equity shares aggregating up to Rs1.8 billion (US$21.6m), and an offer for sale of up to 17.24 million equity shares by TPG Asia VII SF and certain other shareholders. The shares were allotted on September 18, 2023. Partners Varoon Chandra and Lionel D’Almeida also led the firm’s team in the transaction, which has a total consideration of Rs13.35 billion (US$160.4m).

Baker McKenzie has advised International School Partnership (ISP), a leading international group of private schools, on the acquisition of Berda Claude International School of Phuket (BCIS) and Bangkok Prep in Bangkok, enabling ISP to secure a strong foothold in the education industry in Thailand and strengthening their strategic growth plan. Both schools will form part of ISP’s Thailand and Vietnam regional cluster. ISP is a growing group of private schools around the world educating children and students from 2–18 years of age, and dedicated to delivering high-quality education. Located on a state-of-the art campus in central Bangkok, Bangkok Prep consistently performs well in academic terms (and leads quality rankings in SE Asia), and its students study in the very best tier one universities globally. BCIS is in the south-east area of Phuket, and stands out for being the only dual British and French curriculum school on Phuket Island providing a student-led curriculum to over 900 students, supported by over 200 staff. ISP has now expanded to 76 schools delivering multiple curricula and building on local brands and reputations with around 65,000 students and 9,000 staff located across the globe. Bangkok corporate and M&A partner Bulin Sanooj led the firm’s team in the transaction.

Moreover, AZB & Partners has advised TPG Asia VII SF on the IPO comprising a fresh issue of equity shares aggregating up to Rs1.8 billion (US$21.6m), and an offer for sale of up to 17.24 million equity shares by TPG Asia VII SF and certain other shareholders. The shares were allotted on September 18, 2023. Partners Varoon Chandra and Lionel D’Almeida also led the firm’s team in the transaction, which has a total consideration of Rs13.35 billion (US$160.4m).

Baker McKenzie has advised International School Partnership (ISP), a leading international group of private schools, on the acquisition of Berda Claude International School of Phuket (BCIS) and Bangkok Prep in Bangkok, enabling ISP to secure a strong foothold in the education industry in Thailand and strengthening their strategic growth plan. Both schools will form part of ISP’s Thailand and Vietnam regional cluster. ISP is a growing group of private schools around the world educating children and students from 2–18 years of age, and dedicated to delivering high-quality education. Located on a state-of-the art campus in central Bangkok, Bangkok Prep consistently performs well in academic terms (and leads quality rankings in SE Asia), and its students study in the very best tier one universities globally. BCIS is in the south-east area of Phuket, and stands out for being the only dual British and French curriculum school on Phuket Island providing a student-led curriculum to over 900 students, supported by over 200 staff. ISP has now expanded to 76 schools delivering multiple curricula and building on local brands and reputations with around 65,000 students and 9,000 staff located across the globe. Bangkok corporate and M&A partner Bulin Sanooj led the firm’s team in the transaction.

Moreover, Trilegal has advised JM Financial, Axis Capital, Credit Suisse Securities (India), DAM Capital Advisors, HSBC Securities and Capital Markets, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets as the book-running lead managers on the IPO by JSW Infrastructure, aggregating to Rs28 billion (US$336.4m). A part of the multinational JSW group, JSW Infrastructure is the second largest commercial port operator in India, and also India’s fastest-growing port-related infrastructure company. Partner Richa Choudhary, supported by partners Neeraj Menon and Samsuddha Majumder, led the firm’s team in the transaction, which is the largest IPO to have been listed within two working days from IPO closure, and the second largest IPO to have been undertaken in this fiscal year.

TT&A has advised the United States International Development Finance Corporation (DFC) on its loan facility, via an external commercial borrowing, to Aristo Securities, a digital lending company that uses non-traditional data to underwrite electric vehicle financing loans for underserved customers. The financing is expected to have a highly developmental impact on the transportation sector in India by increasing access to EV financing for MSMEs. Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction.

TT&A has also represented Courtside Ventures and Griffin Gaming Partners on their acquisition of a minority stake in Greenhorn Wellness (entity behind the Eloelo app), as part of a US$22 million pre-Series B round, which also saw participation of other existing and new investors. Eloelo runs an influencer-led live social entertainment app that combines live audio and video chat rooms with interactive games. Eloelo plans to use the funds raised to partner with more creators, develop new AR & AI tools, and bolster its monetisation initiatives. Partners Sachin Mehta and Nikhil Bahl led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to venture capital firm Beyond Next Ventures on leading the US$1.64 million pre-series A round investment in Umami United, a foodtech start-up which develops Japanese-inspired plant-based food products, such as the plant-based egg substitute UMAMI EGG. Partner Nicholas Soh led the firm’s team in the transaction.

Allen & Gledhill has also advised Bayfront Infrastructure Capital IV, a wholly-owned subsidiary of Bayfront Infrastructure Management, on the issue of five classes of notes, comprising US$170.6 million Class A1 senior secured floating rate notes due 2044, US$115 million Class A1-SU senior secured floating rate notes due 2044, US$54.5 million Class B senior secured floating rate notes due 2044, US$31.6 million Class C senior secured floating rate notes due 2044 and US$13 million Class D senior secured floating rate notes due 2044. The five classes of notes are backed by cash flows from a portfolio of project and infrastructure loans and bonds in the Asia-Pacific, Middle East, Africa and Americas regions. The Class A1 Notes, Class A1-SU Notes, Class B Notes and Class C Notes are rated investment grade and listed in Singapore. The mezzanine Class D Notes are unlisted and unrated, and guaranteed by GuarantCo, a contingent credit solutions provider that is part of the Private Infrastructure Development Group. The unrated equity tranche comprising preference shares of Bayfront Infrastructure Capital is 80.5 percent held by Bayfront as sponsor of the transaction, while the remaining 19.5 percent is held by the UK Foreign Commonwealth & Development Office, as part of its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme. Bayfront wholly-owned subsidiary BIM Asset Management is the collateral manager for the transaction. Partners Yeo Wico, Jeanne Ong, Andrew Chan, Jo Tay and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the Rs40 billion (US$480.4m) acquisition by IndiGrid Trust and its affiliates of 100 percent of the units of Virescent Renewable Energy and shares of Virescent Infrastructure Investment Manager. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on September 6, 2023.

AZB & Partners has also advised Michael & Susan Dell Foundation on its acquisition of equity stake in CredRight. Partners Hardeep Sachdeva, Priyamvada Shenoy, Rohan Bagai and Gaurav Priyadarshi led the firm’s team in the transaction, which was completed on August 19, 2023.

Moreover, AZB & Partners has advised 3Pillar Global and its affiliate TPG Software on 3Pillar Global’s acquisition of Chenoa Information Services. Partners Ashwath Rau, Vipul Jain, Ramya Suresh and Aditya Singh Chandel led the firm’s team in the transaction, which was completed on August 30, 2023.

Baker McKenzie has acted as international counsel for Vertex Ventures on the formation and global private placement of its fifth fund targeting investments in high-growth, early-stage technology and technology-enabled start-ups in Southeast Asia and India (VVSEAI Fund V), which raised total commitments of US$541 million. This includes US$50 million raised through a separate co investment vehicle that will invest alongside VVSEAI Fund V in women-led start-ups. The global private placement of VVSEAI Fund V included a pool of existing and new investors, comprising sovereign wealth funds, development finance institutions, corporate investors, family offices and other institutional investors across Asia and Europe. The firm also advised Vertex Ventures on the formation of Vertex Master Fund III (VMF III), a fund of funds that will invest in Vertex Ventures’ global network of funds. VMF III raised over US$900 million at its first close from investors, which included Marubeni, the Development Bank of Japan and Risa Partners. Capital raised by VMF III will be deployed across Vertex Ventures’ global network of regional and thematic funds. Baker McKenzie Wong & Leow principal Kelvin Poa led the firm’s team in the transaction.

Clifford Chance has advised Citi, Standard Chartered Bank, ING, OCBC, Société Générale and SMBC Nikko, as joint lead managers and joint book-runners, on Bayfront Infrastructure Management’s US$410.3 million infrastructure asset-backed securities (IABS) issuance by Bayfront Infrastructure Capital IV. The transaction is Bayfront’s fourth securitisation, offering five classes of notes to institutional investors (Class A1, Class A1-SU, Class B, Class C and Class D), of which Class A, B and C were rated and listed in Singapore. This includes a dedicated sustainability tranche backed by eligible green and social assets that meets the eligibility criteria specified in the Bayfront Sustainable Finance Framework dated August 2023. This latest transaction will expose investors to US$410.3 million portfolio of 40 individual loans and bonds, 33 projects loans across 15 countries and ten industry sub-sectors. This latest issuance also introduced a number of novel features, including the provision of a guarantee from GuarantCo for the unrated Class D notes and the United Kingdom’s Foreign, Commonwealth & Development Office investing in the equity tranche as part of its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme. Partner Paul Landless, supported by partner Gareth Deiner, led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has represented SEIL Energy on an arbitration proceeding initiated against it by its contractor NCC on disputes arising out of EPC contracts aggregating to Rs25.57 billion (US$307m) for construction of a 1320 MW thermal power plant in Nellore, Andhra Pradesh. NCC had filed claims for about Rs15.57 billion (US$187m), out of which about Rs14.56 billion (US$175m) was rejected by the Arbitration Tribunal, and an award of Rs1 billion (US$12m) was passed in favour of NCC, with interest and cost. SEIL had filed counter-claims of more than Rs10 billion (US$120m) plus US$9.04 million, but only about Rs7 billion (US$84m) was allowed by the arbitration tribunal. The date of the award was September 14, 2023. Partner Kapil Arora led the firm’s team in the matter.

Cyril Amarchand Mangaldas has also advised Bessemer Venture Partners on the Series D fund raising of Perfios, a fintech that provides real-time credit underwriting solutions to banks and NBFCs. Kedaara Capital was the investor in this round. Partner Suvojit Halder led the firm’s team in the transaction, which was signed on September 9, 2023.

Khaitan & Co has represented Parle on securing a favourable ruling from the Delhi High Court in relation to suit filed by PepsiCo which sought to restrain Parle from using PepsiCo’s registered trade mark ‘For the Bold’ on its products. In response, Parle challenged the validity of PepsiCo’s trade mark ‘For the Bold’ and sought for framing of the issue of invalidity of PepsiCo’s trade mark. While allowing the aforesaid plea of Parle raising the issue of invalidity, the Delhi High Court rejected on September 18, 2023 the prayer of PepsiCo to restrain Parle from using the trade mark ‘For the Bold’ on its products. However, it has directed Parle to not use the tagline ‘For The Bold’ as the predominant part of its advertising campaign, and not to alter the label on its “B Fizz” bottle without prior approval of the court. Partner Ankur Sangal led the firm’s team in the matter.

Allen & Gledhill has acted as transaction counsel to venture capital firm Beyond Next Ventures on leading the US$1.64 million pre-series A round investment in Umami United, a foodtech start-up which develops Japanese-inspired plant-based food products, such as the plant-based egg substitute UMAMI EGG. Partner Nicholas Soh led the firm’s team in the transaction.

Allen & Gledhill has also advised Bayfront Infrastructure Capital IV, a wholly-owned subsidiary of Bayfront Infrastructure Management, on the issue of five classes of notes, comprising US$170.6 million Class A1 senior secured floating rate notes due 2044, US$115 million Class A1-SU senior secured floating rate notes due 2044, US$54.5 million Class B senior secured floating rate notes due 2044, US$31.6 million Class C senior secured floating rate notes due 2044 and US$13 million Class D senior secured floating rate notes due 2044. The five classes of notes are backed by cash flows from a portfolio of project and infrastructure loans and bonds in the Asia-Pacific, Middle East, Africa and Americas regions. The Class A1 Notes, Class A1-SU Notes, Class B Notes and Class C Notes are rated investment grade and listed in Singapore. The mezzanine Class D Notes are unlisted and unrated, and guaranteed by GuarantCo, a contingent credit solutions provider that is part of the Private Infrastructure Development Group. The unrated equity tranche comprising preference shares of Bayfront Infrastructure Capital is 85 percent held by Bayfront as sponsor of the transaction, while the remaining 19.5 percent is held by the UK Foreign Commonwealth & Development Office, as part of its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme. Bayfront wholly-owned subsidiary BIM Asset Management is the collateral manager for the transaction. Partners Yeo Wico, Jeanne Ong, Andrew Chan, Jo Tay and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners has advised Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the Rs40 billion (US$480.4m) acquisition by IndiGrid Trust and its affiliates of 100 percent of the units of Virescent Renewable Energy and shares of Virescent Infrastructure Investment Manager. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on September 6, 2023.

AZB & Partners has also advised Michael & Susan Dell Foundation on its acquisition of equity stake in CredRight. Partners Hardeep Sachdeva, Priyamvada Shenoy, Rohan Bagai and Gaurav Priyadarshi led the firm’s team in the transaction, which was completed on August 19, 2023.

Moreover, AZB & Partners has advised 3Pillar Global and its affiliate TPG Software on 3Pillar Global’s acquisition of Chenoa Information Services. Partners Ashwath Rau, Vipul Jain, Ramya Suresh and Aditya Singh Chandel led the firm’s team in the transaction, which was completed on August 30, 2023.

Baker McKenzie has acted as international counsel for Vertex Ventures on the formation and global private placement of its fifth fund targeting investments in high-growth, early-stage technology and technology-enabled start-ups in Southeast Asia and India (VVSEAI Fund V), which raised total commitments of US$541 million. This includes US$50 million raised through a separate co investment vehicle that will invest alongside VVSEAI Fund V in women-led start-ups. The global private placement of VVSEAI Fund V included a pool of existing and new investors, comprising sovereign wealth funds, development finance institutions, corporate investors, family offices and other institutional investors across Asia and Europe. The firm also advised Vertex Ventures on the formation of Vertex Master Fund III (VMF III), a fund of funds that will invest in Vertex Ventures’ global network of funds. VMF III raised over US$900 million at its first close from investors, which included Marubeni, the Development Bank of Japan and Risa Partners. Capital raised by VMF III will be deployed across Vertex Ventures’ global network of regional and thematic funds. Baker McKenzie Wong & Leow principal Kelvin Poa led the firm’s team in the transaction.

Clifford Chance has advised Citi, Standard Chartered Bank, ING, OCBC, Société Générale and SMBC Nikko, as joint lead managers and joint book-runners, on Bayfront Infrastructure Management’s US$410.3 million infrastructure asset-backed securities (IABS) issuance by Bayfront Infrastructure Capital IV. The transaction is Bayfront’s fourth securitisation, offering five classes of notes to institutional investors (Class A1, Class A1-SU, Class B, Class C and Class D), of which Class A, B and C were rated and listed in Singapore. This includes a dedicated sustainability tranche backed by eligible green and social assets that meets the eligibility criteria specified in the Bayfront Sustainable Finance Framework dated August 2023. This latest transaction will expose investors to US$410.3 million portfolio of 40 individual loans and bonds, 33 projects loans across 15 countries and ten industry sub-sectors. This latest issuance also introduced a number of novel features, including the provision of a guarantee from GuarantCo for the unrated Class D notes and the United Kingdom’s Foreign, Commonwealth & Development Office investing in the equity tranche as part of its Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme. Partner Paul Landless, supported by partner Gareth Deiner, led the firm’s team in the transaction.

Cyril Amarchand Mangaldas has represented SEIL Energy on an arbitration proceeding initiated against it by its contractor NCC on disputes arising out of EPC contracts aggregating to Rs25.57 billion (US$307m) for construction of a 1320 MW thermal power plant in Nellore, Andhra Pradesh. NCC had filed claims for about Rs15.57 billion (US$187m), out of which about Rs14.56 billion (US$175m) was rejected by the Arbitration Tribunal, and an award of Rs1 billion (US$12m) was passed in favour of NCC, with interest and cost. SEIL had filed counter-claims of more than Rs10 billion (US$120m) plus US$9.04 million, but only about Rs7 billion (US$84m) was allowed by the arbitration tribunal. The date of the award was September 14, 2023. Partner Kapil Arora led the firm’s team in the matter.

Cyril Amarchand Mangaldas has also advised Bessemer Venture Partners on the Series D fund raising of Perfios, a fintech that provides real-time credit underwriting solutions to banks and NBFCs. Kedaara Capital was the investor in this round. Partner Suvojit Halder led the firm’s team in the transaction, which was signed on September 9, 2023.

Khaitan & Co has represented Parle on securing a favourable ruling from the Delhi High Court in relation to suit filed by PepsiCo which sought to restrain Parle from using PepsiCo’s registered trade mark ‘For the Bold’ on its products. In response, Parle challenged the validity of PepsiCo’s trade mark ‘For the Bold’ and sought for framing of the issue of invalidity of PepsiCo’s trade mark. While allowing the aforesaid plea of Parle raising the issue of invalidity, the Delhi High Court rejected on September 18, 2023 the prayer of PepsiCo to restrain Parle from using the trade mark ‘For the Bold’ on its products. However, it has directed Parle to not use the tagline ‘For The Bold’ as the predominant part of its advertising campaign, and not to alter the label on its “B Fizz” bottle without prior approval of the court. Partner Ankur Sangal led the firm’s team in the matter.

Skadden has advised JP Morgan Securities, Goldman Sachs & Co, Citigroup Global Markets, BofA Securities and Morgan Stanley & Co, as joint lead managers and joint book-runners, on Nippon Life Insurance’s US$930 million Rule 144A/Regulation S offering of 6.25 percent step-up callable subordinated notes due 2053. The notes were listed in Singapore. Tokyo corporate partner Kenji Taneda led the firm’s team in the transaction.

S&R Associates is representing listed company Glenmark Pharmaceuticals on its proposed Rs56.51 billion (US$678.6m) sale of 75 percent of the equity shares of its subsidiary Glenmark Life Sciences, a listed active pharmaceutical ingredients manufacturer, to Nirma. Partners Rajat Sethi and Pratichi Mishra, supported by competition practice head Simran Dhir and partners Sumit Bansal and Divyanshu Pandey, led the firm’s team in the transaction, which is subject to customary conditions, including regulatory and shareholder approvals.

Trilegal has represented 2452991 Ontario and 2743298 Ontario, subsidiaries of Ontario Teachers’ Pension Plan (OTPP), on securing an unconditional approval from the Competition Commission of India (CCI) in relation to the proposed acquisition of unitholding in Highways Infrastructure Trust (HIT) and equity stake in Highway Concessions One (HC One). This approval is among the first set of orders passed by the CCI after two additional members were sworn-in only on September 19, 2023. The largest single-profession pension plan in Canada, OTPP is jointly sponsored by the Government of Ontario and Ontario Teachers’ Federation. An Indian infrastructure investment trust registered with the Securities Exchange Board of India, HIT owns several road assets and operates roads and highways in India. HC One is the investment managers of HIT. Partners Nisha Kaur Uberoi (competition law head) and Gautam Chawla led the firm’s team in the matter. AZB & Partners represented HIT and HC One.

Trilegal is also representing Premji Invest, through PI Opportunities Fund I-Scheme II, on securing unconditional approval from the Competition Commission of India (CCI) in relation to the proposed acquisition of equity stake in TVS Credit Services. This was one of the most complex deals in the fast growing NBFC space, where companies have played a pivotal role in driving sustainable economic growth in India and have hugely helped improve the access to credit for the country’s vast unorganized sector. This approval is among the first set of orders passed by the CCI after two additional members were sworn-in only on September 19, 2023. An affiliate of Premji Invest, PI Opportunities Fund I-Scheme II is the private equity and venture capital investment arm of Premji Foundation. The Premji Foundation has been set up to advance the philanthropic initiatives of Premji Invest and is ultimately controlled by Mr Azim Premji. A Non-Deposit taking Systemically Important Non-Banking Financial Company incorporated in India, TVS Credit primarily provides two-wheeler loans, used car loans, new and used tractor loans, used commercial vehicle loans, MSME loans, consumer durable loans and personal loans in India. Partners Nisha Kaur Uberoi (competition law head) and Rudresh Singh led the firm’s team in the matter. Khaitan & Co represented TVS Credit.

Moreover, Trilegal has represented Glenmark Life Sciences (GLS), a listed pharmaceutical manufacturer of APIs, on the proposed sale of 75 percent GLS equity shares by Glenmark Pharmaceuticals to Nirma. The proposed share sale is for an aggregated consideration of Rs56.51 billion (US$678.6m), subject to customary closing adjustments. Partners Yogesh Singh (corporate practice national head), Tejas Adiga (corporate) and Atul Gupta (labour and employment) led the firm’s team in the transaction, which is subject to a mandatory open offer to be made by Nirma, customary conditions precedent, including but not limited to lender consents, regulatory and shareholder approvals.

Allen & Gledhill has acted as transaction counsel to The Hongkong and Shanghai Banking Corporation Singapore Branch on the US$1.75 billion term and revolving loan facilities to Olam Treasury. The facilities will be used to refinance the existing loans and finance the working capital and general corporate funding requirements of the Olam Group. The interest margin on the financing is linked to the achievement of sustainability key performance indicators relating to renewable energy share, women farmers receiving livelihood support, and native and beneficial trees distributed in agroforestry programs. Partner Mark Hudspeth led the firm’s team in the transaction.

Allen & Gledhill has also advised DBS Group Holdings on the issue of US$750 million 5.479 percent notes due 2025 and US$750 million floating rate notes due 2025, under its US$30 billion global medium term note programme. Partner Glenn David Foo led the firm’s team in the transaction.

AZB & Partners has advised Qatar Investment Authority on the Rs92.78 billion (US$994.6m) acquisition by Qatar Holding of equity stake of Reliance Retail Ventures. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on September 6, 2023.

AZB & Partners has also advised Jefferies India, as the broker, on the Rs5 billion (US$60.5m) sale by Vaidhyanathan Vembu of equity stake in IDFC First Bank. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on September 12, 2023.

Moreover, AZB & Partners has advised Schaeffler and Schaeffler India on the Rs1.42 billion (US$17m) acquisition by Schaeffler India of KRSV Innovative Auto Solutions (Koovers) from Koovers founders Mr Begur Sheshadri Sandeep, Mr Vinayak Basavaraju Yadathore and Mr Sathianarayanan Premkumar and other Koovers resident and non-resident individual and corporate shareholders. Partners Ashwath Rau, John Raghav and Ramya Suresh led the firm’s team in the transaction, which was completed on September 8, 2023.

Baker McKenzie has advised Wolverine World Wide on the sale of the Hush Puppies trademarks, patents, copyrights and domains in Mainland China, Hong Kong and Macau to Beijing Jiaman Dress. As part of the transaction, Wolverine and Jiaman entered into a license and cooperation agreement providing for mutual engagement and brand stewardship of the Hush Puppies brand in the region. Meanwhile, Wolverine will continue to own and operate the Hush Puppies brand throughout the rest of the world. M&A partner Tracy Wut, supported by partner Luis Zhang from FenXun in Shanghai, led the firm’s team in the transaction, which is expected to close in the coming weeks, subject to satisfaction of customary closing conditions.

Cyril Amarchand Mangaldas has advised Vivriti Capital, as the issuer, and JM Financial, as the lead manager, on the public issue of non-convertible debentures aggregating to Rs5 billion (US$60m). Partners Vijay Parthasarathi (southern region markets co-head), Meeta Kurpad and Rohit Tiwari led the firm’s team in the transaction, which closed on September 6, 2023.

JSA has assisted India Resurgence Fund (IndiaRF) on the Rs5.25 billion (US$63m) acquisition of a majority stake in Ivy Health and Life Sciences. IndiaRF is a leading India-focused investment fund, backed by Piramal Enterprises and Bain Capital Credit. Ivy Health operates a chain of multi-specialty hospitals certified by the National Accreditation Board of Hospitals & Healthcare Providers-in several cities of Punjab, namely Mohali, Amritsar, Khanna, Hoshiarpur and Nawanshahr. Partner Sidharrth Shankar, supported by partners Prakriti Jaiswal, Shraddha Krishnan Dash, Bharat Bhushan Sharma, Vaibhav Choukse, Ela Bali and Megha Saraf, led the firm’s team in the transaction, which marks IndiaRF’s maiden investment in the healthcare sector and the first of its kind in a regional hospital chain.

Shardul Amarchand Mangaldas has advised KKR & Co on its follow-on investment in Reliance Retail Ventures (RRV). The transaction involved the US$250 million subscription of approximately 17.16 million RRV equity shares among RRV, Reliance Industries and KKR. With this investment, KKR’s shareholding in RRV has increased to approximately 1.42 percent. Partners Raghubir Menon (regional M&A and private equity head), Natashaa Shroff, Sakshi Mehra, Shiladitya Banerjee and Deepa Rekha, supported by partners Apoorva Murali and Harman Singh Sandhu, led the firm’s team in the transaction, while Simpson, Thacher and Bartlett acted as international counsel. Cyril Amarchand Mangaldas and Davis Polk & Wardwell advised Reliance Industries and Reliance Retail Ventures.

Trilegal has represented the National Stock Exchange (NSE) on appeals before the National Company Law Appellate Tribunal (NCLAT) against orders of the National Company Law Tribunal admitting certain stockbroking entities into insolvency under the Insolvency & Bankruptcy Code 2016 (IBC). As a first-level regulator of the securities market, the NSE contended that stockbroking entities fall within the definition of ‘financial service providers’ and, thus, are excluded from the purview of the IBC. It was further submitted that the mechanism under the IBC would be incompatible with the mechanisms already in place to deal with defaulting stockbroking entities, and initiation of insolvency proceedings against stockbroking entities would affect the interests of investors/public at large. The NCLAT’s landmark decision upholds NSE’s contention and settles the law on the issue that, since stockbroking entities are regulated by the SEBI (in conjunction with stock exchanges), provisions of the IBC would not be applicable to such entities. The NCLAT also observed that, since specific mechanisms are in place to deal with defaulting stockbrokers, insolvency proceedings cannot be initiated against such entities, unless there is a notification by the Central Government to this effect. Dispute resolution partner Shankh Sengupta, along with partner Shruti Rajan (financial regulatory), led the firm’s team in the matter.

TT&A is advising DFC on its loan facility, via external commercial borrowing, of up to US$9 million to Yulu Bikes. The proceeds of this loan will be utilized by Yulu to finance the purchase of approximately 20,000 electric bikes which it will deploy as rentals in India. Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction.

TT&A has also advised Embassy Office Parks REIT on its issuance of secured, listed and rated non-convertible debentures aggregating up to Rs5 billion (US$60m). The proceeds of the issue are proposed to be utilized primarily towards refinancing and/or prepayment of the issuer’s existing indebtedness. The debentures are to be secured inter alia via a charge over identified assets of the group. Partners Sonali Mahapatra and Nidhi Rani led the firm’s team in the director.

Allen & Gledhill has acted as transaction counsel to the Monetary Authority of Singapore on the re-opening issuance of US$2.8 billion fixed rate bonds due 2072, under the Government of Singapore’s medium term note programme for issuance of Singapore Government Securities (Infrastructure) via syndication. The bonds are Singapore’s sovereign green bonds, and a re-opening issuance of the 50-Year Green SGS (Infrastructure) issued in August 2022. The 50Y Green SGS (Infrastructure) forms part of the pipeline of up to S$35 billion (US$25.7m) of sovereign and public sector green bonds that the government and its statutory boards will issue by 2030. Proceeds from the reopening issuance of 50Y Green SGS (Infrastructure) will also be used to finance expenditures in support of the Singapore Green Plan 2030. Partners Yeo Wico, Jeanne Ong, Sunit Chhabra and Jo Tay led the firm’s team in the transaction.

AZB & Partners is advising Schaeffler AG and Schaeffler India on the Rs1.42 billion (US$17m) acquisition by Schaeffler India of KRSV Innovative Auto Solutions (Koovers) from Koovers founders Mr Begur Sheshadri Sandeep, Mr Vinayak Basavaraju Yadathore and Mr Sathianarayanan Premkumar and other Koovers resident and non-resident individual and corporate shareholders. Partners Ashwath Rau, John Raghav and Ramya Suresh are leading the firm’s team in the transaction, which was signed on August 28, 2023 and is yet to be completed.

AZB & Partners has also advised TPG Asia VII SF on its Rs6.62 billion (US$80m) sale of equity stake in Five-Star Business Finance. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on September 4, 2023.

Moreover, AZB & Partners is advising Naspers Ventures on its Rs1.65 billion (US$20m) investment in Infifresh Foods. Partners Srinath Dasari and Bhuvana Veeraragavan are leading the firm’s team in the transaction, which was signed on July 21, 2023 and is yet to be completed.

Baker McKenzie has advised EQT Private Equity and other selling shareholders on the sale of their interests in the DataFlow Group, a leading international provider of credential verification services, to Arcapita Group Holdings, the global alternative investment firm. The firm had assisted EQT Private Equity on the original acquisition of its majority stake in DataFlow in 2014 from the founders. Under EQT Private Equity’s tenure, Dataflow has transformed into a digitally enabled, leading credential service provider of regulation-mandated pre-employment primary source verification (PSV) services, with a global network of more than 160,000 issuing authorities across 190 countries. Private equity/M&A partners Derek Poon and Tracy Wut, supported by partners Xinxing Chen (Hong Kong), David Monnier (Riyadh) and Mini vandePol, led the firm’s team in the transaction.

Clifford Chance has advised the Elanora Offshore consortium, which comprises of KIMAenergy, EnergyAustralia, Boskalis, Respect Energy and Polpo Investments, on a major 5GW offshore wind farm project in the Bass Strait, off the coast of Gippsland, Victoria. The consortium brings together experts in offshore wind with a proven track record in delivering and financing offshore wind and energy infrastructure in Europe, Asia and Australia. Subject to receiving feasibility licences, the first phase of the Elanora project is anticipated to be operational by 2032, with the second phase completing by end 2034. Once fully operational, the project is expected to generate more than 20TWh of clean energy to Victoria annually, which is 40 percent of the state’s current energy needs. Sydney corporate partner Reuben van Werkum, supported by partners Chad Bochan (finance) and Elizabeth Richmond (antitrust) led the firm’s team in the transaction.

Khaitan & Co has advised Aditya Birla Finance on the term loan facilities aggregating up to Rs5 billion (US$60m) extended to the ‘My Home’ group companies. Partner Rahul Chakraborti led the firm’s team in the transaction.

Khaitan & Co has also advised Gokaldas Exports on its acquisition of the Atraco Group, through its wholly-owned subsidiaries.  Founded in 1986 and headquartered in Dubai, Atraco Group is a leading manufacturer of apparel with a strong market position and customer relationships across the US and Europe. Its product range includes shorts, pants, shirts, t-shirts, blouses and dresses catering across age groups. The transaction, which has an equity value of US$55 million, will comprise of acquisition of shares and assets, and will be subject to customary regulatory approvals. Partner Anuj Shah, supported by partners Arindam Ghosh and Sharad Abhyankar, led the firm’s team in the transaction, which involved multiple jurisdictions.

Shardul Amarchand Mangaldas has advised Morgan Stanley on the acquisition of a significant majority stake in Clearmedi Healthcare via purchase of shareholding of the company from the existing investors, namely KOS SPA and Clearview Healthcare. The deal also included issuance and allotment of equity shares of the company to both Morgan Stanley and the company founder Mr Shashi Kant Baliyan. The proposed transaction marks a complete exit for KOS, an early-stage investor in the company. Partner Nivedita Tiwari, supported by partners Nivedita Tiwari, Devesh Pandey, Manika Brar, Nawneet Vibhaw, led the firm’s team in the transaction, which closed on June 28, 2023. Khaitan & Co advised KOS, while Phoenix Legal advised Mr Shashi Kant Baliyan.

Skadden has advised SHEIN on its recently announced strategic partnership with SPARC Group Holdings II. SHEIN is a global integrated online marketplace for fashion, beauty and lifestyle products. The partnership will focus on meeting the needs of customers in the US and around the world who enjoy affordable, high-quality fashion. Under the agreement, SHEIN acquires an approximately one-third interest in SPARC Group, a joint venture that includes Authentic Brands Group and Simon Property Group, and SPARC Group becomes a minority shareholder in SHEIN. Partners Dohyun Kim and Shu Du (M&A-Hong Kong), Victor Hollender (tax) and Page Griffin (executive compensation and benefits-Palo Alto and New York) led the firm’s team in the transaction.

Trilegal has represented the petitioners/non-applicants on successfully obtaining an order from NCLT Allahabad, upholding the maintainability of a composite oppression and mismanagement petition against both holding and subsidiary companies. NCLT permits lifting of corporate veil in an oppression and mismanagement petition filed by minority shareholders/promoters of Dainik Jagran Group. NCLT held a composite petition filed under Section 241-242 of the Companies Act, 2013 to be maintainable against both holding and subsidiary companies, despite the Petitioners not holding the requisite 10 percent shareholding in the latter, as holding company has direct control over the affairs of subsidiary. Partner Rajat Jariwal led the firm’s team in the matter.

Trilegal has also advised Zeco Aircon on its 100 percent acquisition by Munters AB Sweden, through its wholly-owned Indian subsidiary Munters India Humidity Control, on an enterprise value of Rs6 billion (US$72.3m). Corporate partner Abhishek Dubey led the firm’s team in the transaction, which is among the largest deals in the air handling unit segment.

AZB & Partners is advising Qatar Investment Authority on the Rs82.78 billion (US$1b) acquisition by Qatar Holding of equity stake of Reliance Retail Ventures. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on August 23, 2023 and is yet to be completed.

AZB & Partners has also advised Omega TC Sabre Holdings and Tata Capital Financial Services, as the investor selling shareholders, and shareholder Mahogany Singapore on the IPO by TVS Supply Chain Solutions of equity shares, comprising a fresh issue aggregating up to Rs6 billion (US$72m) and an offer for sale of up to Rs2.8 billion (US$33.7m), by the selling shareholders. Partners Varoon Chandra, Nilanjana Singh and Agnik Bhattacharyya led the firm’s team in the transaction, which was completed on August 23, 2023.

Khaitan & Co has advised Shiva Pharmachem on its proposed IPO of equity shares of Rs2 (US$0.024) each, aggregating up to Rs9 billion (US$108m) and an offer for sale of equity shares by Vishal Rakesh Agrawal, Rahul Rakesh Agrawal and Geetganga Investment, the selling shareholders. The company has filed the draft red herring prospectus on August 21, 2023. Partners Aditya Cheriyan and Chirayu Chandani led the firm’s team in the transaction.

Khaitan & Co has also advised TVS Supply Chain Solutions and certain individual selling shareholders on the IPO of equity shares of TVS Supply Chain Solutions, comprising of a fresh issue aggregating to Rs6 billion (US$72m) and an offer for sale by the selling shareholders of the company aggregating to Rs2.8 billion (US$33.7m). The book-running lead managers to the offer are JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Nuvama Wealth Management (formerly Edelweiss Securities) and Equirus Capital. Partners Aditya Cheriyan and Chirayu Chandani, supported by partner Vivek Sriram, also led the firm’s team in the transaction.

Morgan Lewis has represented TAWAL Europe Holdings, an affiliate of Saudi Telecom, on its approximately €1.22 billion (US$1.3b) acquisition of United Group’s telecommunications towers business in Bulgaria, Croatia and Slovenia. TAWAL operates telecommunications towers businesses in the Middle East and Pakistan, and this transaction represents its first investment in Europe. United Group is one of the largest telecommunications and media groups in the Balkans and southeastern Europe. Partners Anastasia Dergacheva, Mark Geday, Omar Shah and Neil McKnight led the firm’s team in the transaction.

Paul Hastings has advised Wuxi Nengda Thermoelectric, a state-owned enterprise in Wuxi City, Jiangsu Province, China, as the guarantor, on the issuance of ¥13 billion (US$88.2m) 1.6 percent credit enhanced guaranteed bonds due 2026 by Hongkong Yunlin International. The bonds are supported by an irrevocable Standby Letter of Credit issued by Bank of Shanghai and listed on the Chongwa (Macao) Financial Asset Exchange. The firm has previously advised Wuxi Nengda Thermoelectric as the guarantor on the issuance of Rmb750 million (US$102.6m) 4.2 percent credit enhanced guaranteed bonds due 2025 by Hongkong Yunlin International in January 2023. Shanghai office chief representative and Shanghai and Beijing offices co-chair Jia Yan and corporate partner James Ma led the firm’s team in the transaction.

Shardul Amarchand Mangaldas has advised Continuum Green Energy Aura, a subsidiary of Continuum Green Energy, on the issuance of senior secured notes amounting to US$435 million. The notes, bearing a coupon rate of 9.5 percent and due in 2027, have been successfully listed in Singapore. A renewable energy group based out of India, Continuum focuses on large-scale wind farms which can be co-located with solar photovoltaic (PV) installations. Founded in 2009, Continuum is one of the largest suppliers of renewable energy to the category of C&I or commercial and industrial customers in India with an operating capacity of 1,299.8 MW. Partner and National practice head partner Prashant Gupta and partner Shubhangi Garg, supported by partner Gouri Puri, led the firm’s team in the transaction. Linklaters Singapore advised the issuer on the US and Singapore legal aspects. Ashurst and Talwar Thakore & Associates advised Deutsche Bank Singapore Branch, Emirates NBD Bank, The Hongkong and Shanghai Banking Corporation Singapore Branch, JP Morgan Securities Asia, Citigroup Global Markets Singapore and Standard Chartered Bank (Singapore), as the initial purchaser, on the US and Indian legal aspects, respectively.

Shardul Amarchand Mangaldas has also advised on the deal involving the acquisition of complete control and total ownership of Royal Netra Constructions. The deal involved the acquisition of Royal Netra Constructions by Man Infraconstruction (MIC), Platinumcorp Constructions (PC) and Eversmile Construction (EC), resulting in MIC, PC and EC acquiring rights over a prime land parcel located in Goregaon to develop a real estate project having a potential to generate a revenue of Rs40 billion (US$481m). The transaction also encompassed the formalization of acquirers inter se arrangements and project debt restructuring. Partner Bhoumick Vaidya led the firm’s team in the transaction.

Trilegal has advised PG Electroplast on its qualified institutions placement of equity shares aggregating to Rs5 billion (US$60m). An established manufacturer for consumer durables in India, PG Electroplast provides end-to-end solutions across the entire value chain of the products it supplies to customers, which include more than 50 leading domestic and international brands. The investment was anchored by various marquee investors, including the Government of Singapore, Societe Generale, Nippon India and Pinebridge Global Funds. The book-running lead managers to the QIP were JM Financial and PhillipCapital (India). Partner Richa Choudhary led the firm’s team in the transaction.

TT&A is advising DFC on its loan facility, via an external commercial borrowing, of up to US$7.93 million to Leap Agri Logistics (Balurghat) for the construction of a 50,000 metric ton grain silo storage complex and associated railway siding, in accordance with concession agreement executed by the borrower with Food Corporation of India (FCI). Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction.

TT&A has also advised SIAP (Carraro) on setting up a joint venture with Bhavani Holdings (India). The JV set up is to design, develop, test, validate and manufacture synchronizer assemblies for off-highway application, and thereby to increase the product’s range and quantity and ensure production in order to at least cover the whole of Carraro’s requirements for such components, as well as break into Carraro’s reference market by supplying the product to third parties. Partners Feroz Dubash and Pratika Shankar led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation Singapore Branch and United Overseas Bank on the S$974 million (US$717m) and S$147 million (US$108m) green loan facilities to GuocoLand. GuocoLand’s largest green loan facilities to date, the S$974 million (US$717m) will be used to refinance GuocoLand’s borrowings in connection with the commercial component of Guoco Tower, an integrated mixed-use development in Tanjong Pagar, Singapore. The S$147 million (US$108m) green loan facilities will be used to refinance GuocoLand’s borrowings in connection with Sofitel Singapore City Centre, a five-star luxury hotel in Tanjong Pagar, Singapore. DBS, OCBC, SMBC and UOB were appointed as mandated lead arrangers, while DBS, OCBC and UOB were appointed as green loan advisors. Partner Aloysius Ng led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to Oversea-Chinese Banking Corporation, as the sole lead manager and book-runner, on the issue of S$550 million (US$405m) 4.5 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 acted as transaction counsel to venture capital firm Wavemaker Pacific 3 on leading a convertible note investment in AimBiotech, a biotechnology start-up focused on leading the shift from preclinical animal models to humanised in vitro physiological models for the discovery of new medicines. Partner Nicholas Soh led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation Singapore Branch and United Overseas Bank on the S$974 million (US$717m) and S$147 million (US$108m) green loan facilities to GuocoLand. GuocoLand’s largest green loan facilities to date, the S$974 million (US$717m) will be used to refinance GuocoLand’s borrowings in connection with the commercial component of Guoco Tower, an integrated mixed-use development in Tanjong Pagar, Singapore. The S$147 million (US$108m) green loan facilities will be used to refinance GuocoLand’s borrowings in connection with Sofitel Singapore City Centre, a five-star luxury hotel in Tanjong Pagar, Singapore. DBS, OCBC, SMBC and UOB were appointed as mandated lead arrangers, while DBS, OCBC and UOB were appointed as green loan advisors. Partner Aloysius Ng led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to Oversea-Chinese Banking Corporation, as the sole lead manager and book-runner, on the issue of S$550 million (US$405m) 4.5 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 acted as transaction counsel to venture capital firm Wavemaker Pacific 3 on leading a convertible note investment in AimBiotech, a biotechnology start-up focused on leading the shift from preclinical animal models to humanised in vitro physiological models for the discovery of new medicines. Partner Nicholas Soh led the firm’s team in the transaction.

AZB & Partners has also advised Hyperion Investments on its Rs6.4 billion (US$77m) acquisition, together with Temasek, of equity shares in Dr. Agarwal’s Health Care. Partners Nandish Vyas and Vasudha Asher led the firm’s team in the transaction, which was completed on August 10, 2023.

Moreover, AZB & Partners is advising Warburg Pincus affiliate Sweet Clover Investment on the more than US$50 million acquisition by CEVA Corporate Services of 96 percent of shareholding of Stellar Value Chain Solutions from Sweet Clover Investments and Stellar Value Chain Solutions promoter Mr Anshuman Singh. Partners Anil Kasturi and Anisha Shridhar are leading the firm’s team in the transaction, which was signed on August 18, 2023 and is yet to be completed.

Cyril Amarchand Mangaldas has advised Dai-ichi Life Holdings on the purchase of CCPS amounting to 11.65 percent of the shareholding of D2C Consulting Services. The purchase of CCPS was done on a fully diluted basis, as part of the latest funding round. Partners Indranath Bishnu and Pranjita Barman led the firm’s team in the transaction, which was signed on June 27, 2023 and closed on June 30, 2023.

Cyril Amarchand Mangaldas has also acted as sole transaction for ITC on the demerger of its hotels business, via scheme of arrangement, into ITC Hotels, a wholly-owned subsidiary of ITC. The scheme was approved by the ITC board on August 14, 2023. Managing partner Cyril Shroff and partner Ramgovind Kuruppath, supported by partner Anand Jayachandran, led the firm’s team in the team in the transaction, which is expected to close in 12-15 months, subject to receipt of requisite approvals.

AZB & Partners has also advised Hyperion Investments on its Rs6.4 billion (US$77m) acquisition, together with Temasek, of equity shares in Dr. Agarwal’s Health Care. Partners Nandish Vyas and Vasudha Asher led the firm’s team in the transaction, which was completed on August 10, 2023.

Moreover, AZB & Partners is advising Warburg Pincus affiliate Sweet Clover Investment on the more than US$50 million acquisition by CEVA Corporate Services of 96 percent of shareholding of Stellar Value Chain Solutions from Sweet Clover Investments and Stellar Value Chain Solutions promoter Mr Anshuman Singh. Partners Anil Kasturi and Anisha Shridhar are leading the firm’s team in the transaction, which was signed on August 18, 2023 and is yet to be completed.

Cyril Amarchand Mangaldas has advised Dai-ichi Life Holdings on the purchase of CCPS amounting to 11.65 percent of the shareholding of D2C Consulting Services. The purchase of CCPS was done on a fully diluted basis, as part of the latest funding round. Partners Indranath Bishnu and Pranjita Barman led the firm’s team in the transaction, which was signed on June 27, 2023 and closed on June 30, 2023.

Cyril Amarchand Mangaldas has also acted as sole transaction for ITC on the demerger of its hotels business, via scheme of arrangement, into ITC Hotels, a wholly-owned subsidiary of ITC. The scheme was approved by the ITC board on August 14, 2023. Managing partner Cyril Shroff and partner Ramgovind Kuruppath, supported by partner Anand Jayachandran, led the firm’s team in the team in the transaction, which is expected to close in 12-15 months, subject to receipt of requisite approvals.

Moreover, Trilegal is representing Hyundai Motor India on its acquisition of identified assets, land and buildings, plant and machinery situated at General Motors India manufacturing facility in Talegaon, Maharashtra. The parties executed an Asset Purchase Agreement on August 16, 2023. Corporate practice head partner Yogesh Singh and partner Ankush Goyal, supported by partners Apeksha Mattoo (labour & employment), Gautam Chawla (competition) and Siddharth Ranade (dispute resolution), led the firm’s team in the transaction, which is subject to the fulfilment of customary conditions precedent, including relevant governmental and regulatory approvals.

Shardul Amarchand Mangaldas has advised SBFC Finance on its IPO, via a fresh issue of approximately 105.3 million equity shares aggregating to Rs6 billion (US$72.3m) and an offer for sale by the promoter selling shareholders of approximately 74.56 million equity shares aggregating to Rs4.25 billion (US$51m). The deal was valued at approximately Rs10.25 billion (US$123.5m). The equity shares of SBFC Finance were listed on the India stock exchanges on August 16, 2023. The proceeds of the fresh issue are to be utilized to bolster SBFC’s capital base to meet its future capital requirements arising from the growth of its business and assets. Partner Nikhil Naredi led the firm’s team in the transaction. Trilegal and Hogan Lovells Lee & Lee advised the book-running lead managers, namely ICICI Securities, Axis Capital and Kotak Mahindra Capital, on the legal and international legal aspects, respectively.

Shardul Amarchand Mangaldas ,  also advised Brookfield India Real Estate Trust on its institutional placement of approximately 91.3 million units aggregating to Rs23 billion (US$277.5m) to fund the acquisition of commercial properties in Downtown Powai, Mumbai and Candor TechSpace, Gurugram. The Brookfield India Real Estate Trust is India’s third listed real estate investment trust; this was the second institutional placement by a listed Indian REIT. The deal was facilitated through an amendment to the applicable pricing guidelines. Partner Nikhil Naredi, supported by partners Jay Gandhi and Abhishek Parekh, led the firm’s team in the transaction, which was valued at approximately US$288.16 million. Sidley Austin advised the issuer on the international aspect. White & Case advised the book-running lead managers, namely BofA Securities India, Morgan Stanley India, Kotak Mahindra Capital, Citigroup Global Markets India, Axis Capital, Jefferies India, IIFL Securities, JM Financial, SBI Capital Markets, BOB Capital Markets and ICICI Securities, on the international aspect.

TT&A has advised Norfund, the Norwegian Investment Fund for Developing Countries, on a follow-on equity investment in Fourth Partner Energy, a renewable energy solutions company. Partners Gautam Saha and Dushyant Bagga led the firm’s team in the transaction.

TT&A has also assisted United States International Development Finance Corporation (DFC) on un-funded guaranty to be provided by DFC to the Hongkong and Shanghai Banking Corporation India (HSBC), in relation to the loans to be provided by HSBC to INI Farms, which is now merged with Ulink Agritech (also known as Agrostar). Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction.

Allen & Gledhill has acted as transaction counsel to Sembcorp Industries (SI) and Sembcorp Financial Services (SFS) on the establishment of a S$5 billion (US$3.7b) euro medium term note programme, pursuant to which SI and SFS may from time to time issue notes and perpetual securities. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction, which is SI’s first euro medium term note programme.

Allen & Gledhill has also acted as transaction counsel to DBS Bank and United Overseas Bank, as the joint lead managers and joint book-runners, on the issue of S$300 million (US$221m) 5.5 percent subordinated perpetual securities by Singapore Technologies Telemedia, under its S$3 billion (US$2.21b) multicurrency debt issuance programme. The firm also advised The Hongkong and Shanghai Banking Corporation Singapore Branch, as dealer, on the issue of S$30 million (US$22.1m) 5.5 percent subordinated perpetual securities under the programme, to be consolidated and form a single series with the original securities. Partners Ong Kangxin and Sunit Chhabra led the firm’s team in the transaction.

AZB & Partners is advising Canal+ International and Multimedia Investment Holding on their Rs24.6 billion (US$296m) acquisition of 51 percent equity shares of the capital of Viu International, and indirect acquisition of the two Indian subsidiaries Vuclip India and Vuclip Digital Media. Partner Srinath Dasari is leading the firm’s team in the transaction, which was signed on June 21, 2023 and is yet to be completed.

AZB & Partners is also advising Dharma Productions on its acquisition of stake in Sanghvi Beauty & Technologies. Partner Nandish Vyas is leading the firm’s team in the transaction, which was signed on August 7, 2023 and is yet to be completed.

Moreover, AZB & Partners has advised Clear Bridge Ventures on its Rs27.1 billion (US$325m) acquisition of 14.5 percent stake in Proximus Opal. Partners Vaidhyanadhan Iyer and Roxanne Anderson are leading the firm’s team in the transaction, which was signed on July 17, 2023 and is yet to be completed.

Cyril Amarchand Mangaldas has advised Navi Finserv on the issue of secured, rated, listed redeemable NCDs under the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations 2021. Navi Finserv issued NCDs aggregating up to Rs2.5 billion (US$30m), with an option to retain oversubscription up to Rs2.5 billion (US$30m) (green shoe option) aggregating up to Rs5 billion (US$60m). Southern region markets practice co-head partner Vijay Parthasarathi and partner Lakshmi Prakash led the firm’s team in the transaction, which was signed on February 7, 2023 and closed on July 18, 2023.

Cyril Amarchand Mangaldas has also advised The Federal Bank on its qualified institutions placement (QIP) of equity shares. The transaction involved an issuance of approximately 230.5 million equity shares of face value of Rs2 (US$0.024) each, at a price of Rs131.90 (US$1.59) per equity share, including a premium of Rs129.90 (US$1.56) per equity share, aggregating to approximately Rs3 (US$36m). The equity shares are listed in India. Southern region markets practice co-head partner Reuben Chacko led the firm’s team in the transaction, which was signed on May 26, 2023 and closed on July 24, 2023. White & Case acted as international counsel to the book-running lead managers.

Goodwin has advised Tokyo-listed Renesas Electronics on its definitive agreement to acquire New York-listed Sequans Communications in an all-cash transaction that values Sequans at approximately US$249 million, including net debt. Renesas is a leading global provider of microcontrollers who brings combined expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. Sequans is a leading developer and supplier of cellular IoT connectivity solutions, providing chips and modules for 5G/4G massive and broadband IoT. Partners Jon Olsen (Santa Monica), John Haggerty (Boston), Jean Lee (Los Angeles) and William Robert (Paris), supported by partners Chi Pan (Hong Kong), Malhar Naik (New York), Jacqueline Klosek (New York), Alex Fisher (London), Saba Rais (London), Sarah Jordan (London), Gretchen Scott (London), Jia Jia Huang (Los Angeles), Marie Fillon (Paris) and Charles-Henri de Gouvion Saint-Cyr (Paris), Ora Grinberg (Silicon Valley), Andrew Lacy (Washington), Richard Matheny (Washington), Jacob Osborn (Washington), Edward Holzwanger (Washington) and PJ McCarthy (Washington) and Deborah Birnbach (Boston), led the firm’s team in the transaction.

Maples has acted as Cayman Islands counsel to Zhong An Intelligent Living Service on its IPO of approximately 126.7 million shares and listing in Hong Kong. Established in 1998, Zhong An is a reputable integrated property management service provider headquartered in Hangzhou, with deep roots in Zhejiang province and the Yangtze River Delta Region. The offering, which closed on July 18, 2023, raised approximately HK$149.5 million (US$19m). Partner Everton Robertson led the firm’s team in the transaction, while Jingtian & Gongcheng advised on Hong Kong law and Chinese law. The sponsors, China Merchants Securities (HK) and Huatai Financial Holdings (Hong Kong), among others, were advised by King & Wood Mallesons as to Hong Kong law, and by Commerce & Finance Law Offices as to Chinese law.

Maples has also acted as Cayman Islands and BVI counsel to Plus Group Holdings on its IPO of 25 million ordinary shares and listing in Hong Kong. An established sales and marketing service provider, Plus Group primarily focuses on providing on-site sales and marketing solutions to market-leading, fast-moving consumer goods brand owners and distributors. The offering, which closed on May 11, 2023, raised approximately HK$265 million (US$34m). Partner Derrick Kan led the firm’s team in the transaction, while Tian Yuan Law Firm advised on Hong Kong law, and Jingtian & Gongcheng advised on Chinese law. The joint sponsors, Jefferies Hong Kong and Guotai Junan Capital, and underwriters were advised by Jones Day on Hong Kong law and by Commerce & Finance as to Chinese law.

Moreover, Maples has acted as Cayman Islands counsel to Bukit Jalil Global Acquisition 1 on its IPO of 5.75 million units, including 750,000 units issued upon exercise in full by the underwriters of the over-allotment option, and its listing in the Nasdaq. Bukit Jalil Global Acquisition 1 is a special purpose acquisition company formed for the purpose of pursuing business combination targets. The offering, which closed on June 30, 2023, raised approximately US$57.5 million. Partner Juno Huang led the firm’s team in the transaction, while Robinson & Cole acted as US counsel. Sichenzia Ross Ference acted as US counsel to the underwriters.

Rajah & Tann Singapore has advised Times Properties, a subsidiary of Cuscaden Peak Investments, on the S$236 million (US$174m) divestment of four good class bungalows located at Yarwood Avenue and Nassim Road. Partner Norman Ho led the firm’s team in the transaction, which has been reported as setting a new record land rate for good class bungalow areas in Singapore.

Shardul Amarchand Mangaldas has advised KA Hospitality, founded by Mr Kishor Bajaj, and operated and built by Ms Karyna Bajaj, on its 100 percent divestment from the entity that holds the franchise rights for Hakkasan, Yauatcha and Nara Thai in India to Aditya Birla New Age Hospitality. This transaction marks a substantial step in the AB group’s foray into the fine dining space. Partner Roopal Kulsrestha, supported by partner Divi Dutta and managing partner Akshay Chudasama, led the firm’s team in the transaction, which closed on July 31, 2023. Khaitan & Co advised Aditya Birla New Age Hospitality.

Trilegal has represented Kerala Infrastructure Investment Fund Board (KIIFB), debenture holders and the arranger on KIIFB’s first issuance of rupee-denominated, listed and unsecured green non-convertible debentures worth Rs3 billion (US$36m). KIIFB is a statutory body and one of the largest Kerala State public sector undertakings. The non-convertible debentures are backed by a guarantee issued by the Government of Kerala. This transaction was one of the largest rated green bond issuances by a State public sector undertaking, in compliance with the SEBI guidelines for Green Debt Securities and supported by an unconditional and irrevocable Guarantee by the Government of Kerala. Banking and finance partner Joseph Jimmy led the firm’s team in the transaction.

Trilegal has also advised Rollon Hydraulics and its shareholders on the sale of Rollon Hydraulics to Samvardhana Motherson International. Rollon Hydraulics is a Bengaluru-based leading manufacturer of high-precision machine components. The acquisition has provided Samvardhana Motherson access to a new industry segment of construction, agricultural equipment and material handling, with an aim to strengthen its precision metals and modules division. Corporate partner Wiseroy Damodaran led the firm’s team in the transaction.

TT&A has advised A91 Emerging Fund I on its follow-on investment in Indiejewel Fashions, a direct-to-consumer silvery jewelry startup which principally operates under the popular brand name “GIVA”. Partners Sachin Mehta and Harshit Chandra led the firm’s team in the transaction.