AZB & Partners has advised GGV Capital on its acquisition, together with other entities, of more than 10 percent stake in Kyte Technologies. Partners Ashwath Rau and Jasmin Karkhanis led the firm’s team in the transaction, which was valued at Rs1.8 billion (US$25.2m) and was completed in October 2019.
AZB & Partners is advising Dunzo Digital on the Rs3.2 billion (US$44.8m) acquisition by Google, Lightbox Ventures, STIC Investment, STIC Ventures and 3L Capital of more than ten percent equity share in Dunzo Digital. Partner Anu Tiwari is leading the firm’s team in the transaction, which was signed in October 2019 and is yet to be completed.
LNT & Partners has advised Vietcombank, the largest and strongest bank in Vietnam, in cooperation with a syndication led by Credit Suisse, cooperated with ICBC, Taiwan Business Bank and Taichung Commercial Bank, on the more than US$250 million project finance with limited recourse with Novaland group. Partner Le Net led the firm’s team in the transaction, while the syndication was advised by Allen & Overy.
LNT & Partners has also advised, with King & Wood Malleson, a syndication led by China Commercial Bank, one of the leading banks from China, ICBC, UOB and Bank of China, as the mandated lead arranger and book-runner, and four other banks on a corporate and L/C finance with Hailide (Vietnam) for the development of a US$150 million fiber textile complex in Tay Ninh. Partners Le Net and Vu Thanh Minh led the firm’s team in the transaction.
Maples Group (Hong Kong) has acted as Cayman Islands counsel to Xinyuan Property Management Service (Cayman) on its IPO of 125 million shares and listing in Hong Kong. The issuer is one of the fastest growing property management companies in China. The offering, which closed on October 11, 2019, raised approximately HK$260 million (US$33m). Partner Derrick Kan led the firm’s team in the transaction, while Li & Partners acted as Hong Kong counsel. King & Wood Mallesons has acted as Hong Kong counsel to the sole sponsor, Orient Capital, and the underwriters.
Maples Group (Hong Kong) has also acted as Cayman Islands counsel to Topsports International Holdings on its IPO of approximately 930.2 million shares and listing in Hong Kong. The issuer operates a consumer-centric sportswear retail and service platform in China, with an industry leading nationwide store network. The offering, which closed on October 10, 2019, raised approximately HK$7.9 billion (US$1b). Partner Derrick Kan also led the firm’s team in the transaction, while Cleary Gottlieb Steen & Hamilton and JunHe acted as Hong Kong and China counsels, respectively. Freshfields Bruckhaus Deringer and Haiwen & Partners acted as Hong Kong and China counsels, respectively, for the joint sponsors, Merrill Lynch and Morgan Stanley, and the underwriters.
Shardul Amarchand Mangaldas & Co has advised Axis Bank on raising Rs125 billion (US$1.75b) through a qualified institutions placement (QIP). This is the largest QIP ever by any private sector company in India and the second largest to date, second to the QIP by State Bank of India in June 2017, where the firm advised the placement agents. Axis Bank is India’s third largest private sector bank, in terms of total assets, based on public filings. The preliminary placement document was filed with the Indian stock exchanges on September 19, 2019, while equity shares pursuant to the QIP were allotted on September 26, 2019. Capital markets national practice head Prashant Gupta and partner Nikhil Naredi led the firm’s team in the transaction. AZB & Partners acted as Indian counsel for the book-running lead managers, while Latham & Watkins acted as US counsel.
Shardul Amarchand Mangaldas has advised Azure Power, a subsidiary of Azure Power Global, on the issuance of green bonds to eligible yield investors who have a specific mandate or portfolio for buying green bonds and, in each case, are qualified institutional buyers, as per Rule 144A under the Securities Act of 1933 or are offshore to the US, in accordance with regulations under the Securities Act. The US dollar-denominated bonds, certified by the Climate Bonds Initiative, bear a coupon of 5.65 percent and will mature in 2024. Valued at approximately US$350.1 million, the deal was signed on September 17, 2019 and was completed on September 24, 2019. Capital markets national practice head Prashant Gupta and partners Monal Mukherjee, Shilpa Mankar Ahluwalia and Gouri Puri led the firm’s team in the transaction. Linklaters advised on New York and US federal securities laws, while Appleby advised on Mauritius law. Latham & Watkins acted as New York counsel, while Cyril Amarchand Mangaldas acted as Indian counsel to Barclays Bank, Credit Suisse (Hong Kong) and The Hongkong and Shanghai Banking Corporation, as the joint global coordinators and joint book-runners, and to Jefferies India, JMP Securities, MUFG Securities Asia, Roth Capital Partners, Societe Generale, Standard Chartered Bank, YES Bank and IFSC Banking Unit as the joint book-runners.
