Allen & Gledhill has acted as transaction counsel to Frasers Property on its renounceable non-underwritten 37-for-100 rights issue of new ordinary shares, which raised S$1.16 billion (US$860m) in gross proceeds. Partner Rhys Goh led the firm’s team in the transaction.
Allen & Gledhill has also advised Clifford Capital on the issue of US$500 million 1.121 percent notes due 2026, under its US$2 billion euro medium term note programme. The Government of Singapore is the guarantor for the notes. Partners Yeo Wico, Jeanne Ong and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners is advising ICICI Securities, Citigroup Global Markets India, Credit Suisse Securities (India), JM Financial and UBS Securities India, as the book running lead managers, on the qualified institutions placement of equity shares by IDFC First Bank. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was signed on March 30, 2021.
AZB & Partners has also advised CDC Group on its Rs5.1 billion (US$70m) acquisition of more than 30 percent equity stake in Ayana Renewable Power. National Investment and Infrastructure Fund and Green Growth Equity Fund, managed by Everstone Capital and Lightsource joint venture EverSource Capital, also acquired equity stakes in Ayana. Partner Roxanne Anderson led the firm’s team in the transaction, which was signed on March 3, 2021 and completed on March 31, 2021.
Davis Polk has advised Linklogis on its IPO and listing in Hong Kong, and Rule 144A / Regulation S international offering, raising gross proceeds of approximately HK$8 billion (US$1b), prior to exercise of the over-allotment option. As the leader and pioneer in the thriving supply chain finance technology solution industry, Linklogis is the largest technology solution provider for supply chain finance in China, in terms of transaction volume processed in 2020. During this period, its solutions enabled its customers to process Rmb163.8 billion (US$25b) supply chain finance transactions, accounting for a market share of 20.6 percent among supply chain finance technology providers in China. Partners Li He and Yang Chu led the firm’s team in the transaction.
J Sagar Associates has advised IDFC FIRST Bank on its qualified institutions placement. IDFC FIRST Bank filed a placement document on April 6, 2021 for the issue of approximately 523.1 million equity shares to qualified institutional buyers, aggregating to approximately Rs30 billion (US$400m). ICICI Securities, Citigroup Global Markets India, Credit Suisse Securities (India), JM Financial and UBS Securities India acted as the lead managers to the issue. IDFC FIRST Bank offers a wide spread of banking products to meet the needs of retail customers in the MSME and consumer sectors in both urban and rural geographies, as well as wholesale customers, such as large corporates and NBFCs. Its principal business consists of retail banking, wholesale banking and treasury operations. IDFC FIRST Bank delivers a wide range of banking products and services to its customers through a variety of channels, including bank branches, ATMs, call centres, internet and mobile phones. Partners Vikram Raghani and Arka Mookerjee led the firm’s team in the transaction.
J Sagar Associates has also advised iBus Network and Infrastructure and its promoters on its round of equity funding from Morgan Stanley’s India Infrastructure Fund. Morgan Stanley’s India Infrastructure Fund has invested Rs1.5 billion (US$20m) for its stake in the company. The company deploys, operates and maintains services related to in-building passive telecom infrastructure solutions. It currently deploys its infrastructure across several commercial, residential and retail sites across the country. Partner Probir Roy Chowdhury led the firm’s team in the transaction.
Khaitan & Co has advised Gangavaram Ports (GP) and its promoters, namely Mr DVS Raju, Mr D Rajgopala Raju, Ms D Padma, Newwave Infrastructure Projects and Dandu Corporate Services, on the approximately Rs360.4 billion (US$480m) strategic divestment of 58.1 percent stake in GP to Adani Ports & Special Economic Zone. Partners Mehul Shah and Ashraya Rao led the firm’s team in the transaction, which was announced on March 23, 2021 and is subject to regulatory approvals. Cyril Amarchand Mangaldas Mumbai advised Adani Ports & Special Economic Zone.
Khaitan & Co has also advised Kalyan Jewellers India (KJI) and the lead managers, namely Axis Capital, Citigroup Global Markets India, ICICI Securities, SBI Capital Markets and BOB Capital Markets, on KJI’s approximately Rs11.75 billion (US$156m) IPO, comprising of a fresh issue of KJI equity shares and an offer for sale of equity shares by selling shareholders. One of the largest jewellery companies in India, KJI designs, manufactures and sells gold, studded and other jewellery products. It operates 107 showrooms in India, and 30 showrooms in the Middle East, and also sells its products through online platform candere.com. The offer marked a partial exit by Highdell Investment, a part of global private equity firm Warburg Pincus. Partners Abhimanyu Bhattacharya and Aditya Cheriyan led the firm’s team in the transaction. AZB & Partners also advised KJI as to Indian law, while Latham & Watkins acted as international counsel to the lead managers. Cyril Amarchand Mangaldas advised the investor selling shareholder as to Indian law.
Maples and Calder, the Maples Group’s law firm, has acted as Cayman Islands counsel to CLSA Capital Partners (CLSACP), the asset management business of CLSA, on the launch of Sunrise Capital IV investment funds and Lending Ark Asia Secured Private Debt Fund. Sunrise IV was significantly oversubscribed and closed in four months in September 2020, at a hard cap of US$450 million. Sunrise Capital, a strategy of CLSACP, is a Japan-dedicated mid-cap private equity fund, and has raised approximately US$1.5 billion to date. Lending Ark is CLSACP’s first secured private debt strategy, and it held its final closing in December 2020 with capital commitments of US$226 million. Together with Lending Ark, the secured private debt investment strategy platform manages a total of US$626 million, including target allocations from separately managed accounts established in conjunction with Lending Ark. Lending Ark invests in high-quality and secured private debt opportunities across the Asia-Pacific region. Hong Kong funds and investment management partner Sharon Yap led the firm’s team in the transaction.
Maples and Calder, the Maples Group’s law firm, has also acted as Cayman Islands counsel to Yidu Tech on its IPO and the listing of 156.45 million shares in Hong Kong. Yidu is a leading provider of healthcare solutions built on big data and artificial intelligence in China. The offering, which closed on January 15, 2021, raised approximately HK$4.11 billion (US$530m). Partner Derrick Kan led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom advised on Hong Kong and US laws, and Han Kun advised on Chinese law. The joint sponsors, Goldman Sachs and China International Capital Corporation, and the underwriters were represented by Slaughter and May as to Hong Kong and US laws, and by Haiwen & Partners as to Chinese law.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is acting for AEM Singapore on the pre-conditional voluntary offer by PricewaterhouseCoopers Corporate Finance, for and on behalf of AEM, to acquire all the issued and paid-up ordinary shares, excluding any shares held in treasury, in CEI’s capital, other than those already held by AEM. Based on the offer consideration of S$1.15 (US$0.86) per share, the offer values CEI at approximately S$101.1 million (US$75.31m). Partner Cynthia Goh is leading the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also advised OBG & Sons on its sale of shares in Tye Soon to Bapcor Asia. Partners Danny Lim and Penelope Loh led the firm’s team in the transaction.
WongPartnership has acted for the seller on the sale of 4 Swettenham Close. Partner Cornelia Fong led the firm’s team in the transaction.
WongPartnership has also acted for Mr Brian Chen Jianwen on the purchase of 61 Bin Tong Park. Partner Cornelia Fong also led the firm’s team in the transaction.