Allen & Gledhill has advised Singapore Airlines on its issue of S$700 million (US$519.5m) 3.13 percent notes due 2027 under its S$5 billion (US$3.7b) multi-currency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the transaction.
Allen & Gledhill has also advised the Housing and Development Board on its issue of S$600 million (US$445.3m) fixed rate notes due 2022 under its S$32 billion (US$23.7b) multi-currency medium term note programme. Partners Margaret Chin and Sunit Chhabra also led the transaction.
AZB & Partners is advising Overseas Private Investment Corporation, a US government agency which helps American businesses invest in emerging markets, on providing Rs2.2 billion (US$34.4m) external commercial borrowing to ReNew Wind Energy (TN2) to build a 50 MW solar photo voltaic plant and associated facilities in Pavagada Solar Park, Tumkur, Karnataka. Partners Gautam Saha and Pallavi Meena are leading the transaction, which was signed on August 23, 2017 and is yet to be completed.
AZB & Partners is also advising WestBridge Capital on its acquisition, along with Sequoia Capital, of more than 15 percent equity shares of Vini Cosmetics for approximately Rs11 billion (US$171.8m). Partners Gautam Saha, Amrita Patnaik and Akhilesh Kumar Rai are leading the transaction, which was signed on September 4, 2017 and is yet to be completed.
Bird & Bird ATMD has acted for a consortium, led by Singapore-listed Cityneon Holdings’ management, on the S$115.61 million (US$85.8m) acquisition of a 52.51 percent stake in Cityneon from Star Media Group, one of the largest publication and printing companies in Malaysia. Cityneon’s business segments include the organisation of events and exhibitions, such as the Marvel Avengers exhibitions, in many countries. The acquisition triggered a mandatory takeover, and the firm consequently acted as offeror counsel in the mandatory offer of approximately S$115 million (US$85.35m). Partner Marcus Chow led the transaction.
Bird & Bird ATMD has also acted for Singapore-listed Cityneon Holdings on the US$25 million recent acquisition of JP Exhibitions, allowing it to make global use of the intellectual property of the Jurassic World Exhibition. This exhibition is a licensed spin-off from the blockbuster movie Jurassic World and is Cityneon’s third acquisition. It follows Disney’s Marvel Avengers STATION and Hasbro’s Transformers Autobot Alliance. Partner Marcus Chow also led the transaction.
Conyers Dill & Pearman has acted as BVI counsel to Frontier Digital Ventures on its investment in BVI-incorporated Infocasas. Headquartered in Montevideo, Uruguay, Infocasas operates the leading online real estate classifieds portal in Uruguay and Paraguay, and occupies the number two position in Bolivia. Malaysia-based Frontier Digital Ventures is listed in Australia. Oliver Simpson led the transaction.
Conyers Dill & Pearman has also provided BVI and Cayman Islands advice to Golden Faith Group Holdings on its HK$116.1 million (US$14.9m) IPO of 270 million shares in Hong Kong. Golden Faith Group Holdings undertakes electrical and extra-low voltage (ELV) system works in Hong Kong. Its works include management installation, supervising and testing of the electrical and ELV installation. The company undertakes projects in public and private sectors, which comprise residential and commercial buildings, institutional buildings, government buildings, hotels and hospitals. Hong Kong partner Richard Hall, working alongside Hui & Lam, led the transaction.
DLA Piper has advised Australia-listed US technology company Updater on its A$50 million (US$40.2m) equity raising via an institutional placement. Headquartered in New York, Updater has developed technology that makes moving easier. Founded in 2011, the company’s innovative tools have transformed the home relocation process in the US, allowing users to seamlessly transfer utilities, update accounts, redirect mail and more. Goldman Sachs Australia acted as the lead manager, while Foster Stockbroking acted as co-manager for the placement. Sydney corporate partner Catherine Merity, supported by Singapore corporate partner Joe Bauerschmidt, led the transaction.
J Sagar Associates has acted as domestic counsel to Axis Capital, ICICI Securities and IIFL Holdings as the book-running lead managers on Quess Corp’s institutional placement programme, consisting of a fresh issue of approximately 11 million equity shares aggregating to Rs8.74 billion (US$136.5m). The shares of the company issued pursuant to the placement were listed on August 23, 2017. Partner Arka Mookerjee led the transaction, which was the first institutional placement programme under the Companies Act 2013 and in the business services sector, the third highest institutional placement programme in India to date, and the fastest follow-on public offering by any listed company in India.
J Sagar Associates has also advised RGAM Investment Advisers, a wholly-owned subsidiary of Religare Enterprises, on the divestment of its entire stake in its wholly-owned subsidiary Cerestra Advisers to India-registered Cerestra Managers. The transaction was entered into after the transaction agreements entered into earlier this year on the sale of stake in Cerestra Advisers were terminated by the parties. Partners Lalit Kumar and Dheeraj Nair led the transaction.
Khaitan & Co has represented Hindustan Unilever (HU) before the Bombay High Court on restraining Patanjali Ayurved from telecasting, broadcasting or otherwise howsoever communicating to the public, or publishing an advertisement of its bathing soaps which disparages or denigrates the Lifebuoy, Lux, Dove and Pears products of HU. The advertisement was first displayed on YouTube on September 2, 2017, and thereafter television broadcasts commenced. The action effectively ensured that Patanjali was prevented from telecasting or broadcasting the subject advertisement within two days from the date when the advertisement was first published. Partner Adheesh Nargolkar and associate partner Nishad Nadkarni led the transaction.
Khaitan & Co has also advised Emerald Haven Realty, the real estate venture of the TVS Group, on the formation of an approximately Rs4 billion (US$62.5m) co-investment platform with ASK Property Investment Advisors. The platform will focus on making investments into residential projects in Bengaluru and Chennai. Simultaneous with entering into the co-investment arrangement, Emerald Haven and ASK Property made their first co-investment in Chennai-based Emerald Haven Realty Developers (Paraniputhur). Partner Kartick Maheshwari and associate partner Divaspati Singh led the transaction.
Luthra & Luthra has advised Citigroup Global Markets India, Jefferies India, Axis Capital and YES Securities (India), on all aspects of Indian law, as the brokers on the offer for sale, through the stock exchange, by the President of India of NTPC’s equity shares. Pursuant to the offer, the promoter sold to retail and retail investors approximately 547.15 million equity shares, representing 6.64 percent stake of the company, for Rs91.28 billion (US$1.42b). An India-listed ‘Maharatna’ entity, NTPC is one of India’s leading power producers. For the current financial year, the Indian government targets raising Rs725 billion (US$11.32b) through disinvestment. The offer consisted of a base offer size of approximately 412.3 million equity shares. With the exercise of the oversubscription option, the offer increased to approximately 579.4 million equity shares, comprising 7.03 percent of NTPC’s paid up share capital. Partner Geeta Dhania led the transaction, while Herbert Smith Freehills acted as US counsel. Squire Patton Boggs, led by partner and co-chair of India practice Biswajit Chatterjee, acted as US counsel to NTPC and the Department of Investment and Public Asset Management, while AZB & Partners acted as Indian counsel.
Maples and Calder (Hong Kong) is acting as Cayman Islands counsel to BEST (formerly known as BEST Logistics), a Chinese logistics company which is held through a Cayman Islands company, on its IPO of American depositary shares representing its ordinary shares, and the listing of such ADSs in New York. Expected to close on September 22, 2017, the offering seeks to raise up to US$1 billion, which would make it the third largest IPO of the year, and the biggest listing so far this year for a Chinese company in the US. Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Deutsche Bank are acting as joint book-runners of the offering and as the representatives of the underwriters. Partner Richard Spooner is leading the transaction, while Simpson Thacher & Bartlett is acting as US counsel. Latham & Watkins is representing the underwriters.
Shardul Amarchand Mangaldas & Co has advised Jang Capital on its acquisition, by way of primary share subscription, of a minority stake in Haida Technologies. The transaction involved an early stage investment into Haida Technologies. The conversion of the compulsorily convertible preference shares of Haida Technologies issued in lieu of the investment is linked to the valuation to be assigned to the target company in the next round of investment. Private equity and M&A partner Abhinav Bhalaik led the transaction, which closed on August 21, 2017.
Simpson Thacher has represented Welkin on the formation of Welkin Capital Partners II. The fund reached a final close in August 2017 with US$160 million in commitments. Welkin is a China-focused growth equity investment firm, with a distinguished family heritage and strong entrepreneurial roots in the region. Partners Adam Furber and Katharine Moir led the transaction.
Walkers has advised China Jinmao Holdings Group on the BVI law aspects of a tap issuance of US$200 million four percent senior guaranteed perpetual capital securities by its wholly-owned subsidiary Franshion Brilliant. China Jinmao Holdings Group is the real estate arm of Sinochem Group and is a leading developer and operator of large-scale and high-end residential and commercial real estate projects in China. Hong Kong partner Jenny Nip led the transaction, while Latham & Watkins advised on Hong Kong and international law aspects and Tian Yuan Law Firm acted as Chinese counsel.
WongPartnership has acted for Shimizu on the joint venture with Afro-Asia Shipping and Development Division to redevelop Afro-Asia Building, an office block at 63 Robinson Road in Singapore’s Central Business District, into a new Grade-A premium office building, with an estimated project cost of S$320 million (US$237.5m). Partners Susan Wong, Tan Teck Howe and Quak Fi Ling led the transaction.
WongPartnership has also acted for the purchasers on the acquisition of the entire issued and paid up share capital of Angullia Development, which involved, among others, the obtaining of a clearance certificate for Angullia Development from the Land Dealings Approval Unit of the Singapore Land Authority, and the senior debt and junior debt refinancing exercise of Angullia Development. Partners Alvin Chia, Low Kah Keong and Angela Lim led the transaction.