Allen & Gledhill has advised DBS Bank, Malayan Banking Singapore Branch, Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation Singapore Branch and United Overseas Bank, as mandated lead arrangers and book-runners and green loan coordinators, on the approximately S$2.185 billion (US$1.64b) term loan facilities to Boulevard Development and Boulevard Midtown, companies sponsored by IOI Properties Group, to finance the acquisition and construction of a mixed use development comprising residential and hotel components at Marina View Singapore. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the transaction.
Allen & Gledhill has also advised EC World Real Estate Investment Trust and its trustee DBS Trustee on the S$348.9 million (US$261m) offshore facility agreement and Rmb745.5 million (US$104m) onshore facility agreement on obtaining secured term loan facilities. Partner Ong Kangxin led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised DBS Bank and United Overseas Bank, as arrangers and green loan coordinators, on the S$270 million (US$202m) term loan and revolving credit facilities to STT Loyang, a company sponsored by STT GDC, to refinance existing borrowings relating to its data centre located at 1 Loyang Close. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the transaction.
Allen & Overy has advised Hub71, Abu Dhabi’s unique global tech ecosystem, on the development of its incubator investment framework for the intake of the latest cohort of start-ups joining its company-building programme. Hub71 welcomed 15 new ventures to their community, operating in priority sectors aligned with Abu Dhabi’s strategic ambitions, such as fintech, healthtech, proptech, e-commerce, data science, edtech and cyber security. The addition of the latest cohort has increased the size of Hub71’s community to over 240 startups. Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 enables founders to build globally enduring homegrown tech companies by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation. Middle East TMT head partner Tom Butcher led the firm’s team in the transaction.
AZB & Partners is advising ICICI Bank and ICICI Securities on the more than US$50 million acquisition of 25.15 percent of ICICI Securities by ICICI Bank, pursuant to the delisting of ICICI Securities. Partners Ashwath Rau and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on June 29, 2023 and is yet to be completed.
AZB & Partners has also advised TPG India Investments II on its Rs13.89 billion (US$169m) sale of equity stake of Shriram Finance. Partner Lionel D’Almeida led the firm’s team in the transaction, which was completed on June 20, 2023.
Moreover, AZB & Partners has advised HDFC on its acquisition of stake in HDFC ERGO General Insurance from ERGO. Partners Ashwath Rau, Kashish Bhatia and John Raghav led the firm’s team in the transaction, which was completed on June 30, 2023.
Further, AZB & Partners is advising Visa on its US$1 billion acquisition of 100 percent shareholding of Pismo Holdings. Partners Ashwath Rau, Vipul Jain and Aditya Alok are leading the firm’s team in the transaction, which was signed on June 28, 2023 and is yet to be completed.
Cyril Amarchand Mangaldas has represented JSW Steel Coated Products on the submission and implementation of a resolution plan for National Steel & Agro Industries, a company undergoing corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code 2016. In an order dated May 19, 2023, the Mumbai Bench of the NCLT approved the resolution plan, which was successfully implemented on May 24, 2023. Pursuant to the implementation of the resolution plan, JSW Steel Coated Products acquired 100 percent equity shares of National Steel & Agro Industries. Finance, projects & insolvency chair partner L Viswanathan, supported by partners Madhav Kanoria, Spandan Biswal, Smruti Shah, Soumya Srivastava, Animesh Bisht, Saloni Kapadia, Gautam Gandotra and Dhruv Rajain, led the firm’s team on the matter. Lex Aeterna Law Firm advised the resolution professional and JM Financial Asset Reconstruction Company, a member of the Committee of Creditors.
Cyril Amarchand Mangaldas has also acted as Indian law and tax counsel to abrdn Investment Management (formerly Standard Life Investments) on the approximately Rs40 billion (US$486m) sale, via the Indian stock exchange, of approximately 21.8 million equity shares with face value of Rs5 (US$0.06) each of HDFC Asset Management. abrdn Investment Management is one of the promoters of HDFC Asset Management. abrdn sold equity shares representing approximately 10.2 percent of the total issued and paid-up equity share capital of HDFC. abrdn has undertaken multiple share sale after the IPO of HDFC. With this sale, abrdn has sold its entire stake in HDFC. Western region markets head partner Abhinav Kumar, supported by partner Kunal Savani, led the firm’s team in the transaction, which closed on June 21, 2023. S&R Associates acted as Indian counsel, while Linklaters acted as international counsel to BofA Securities India, as the broker.
JSA has advised Aether Industries, one of the fastest-growing specialty chemical companies in India, on its qualified institutions placement. Aether filed a placement document on June 22, 2023 for the issue of approximately eight million equity shares aggregating to Rs7.5 billion (US$91m) to qualified institutional buyers. The book-running lead managers to this QIP were HDFC Bank and SBI Capital Markets. The firm had also advised Aether on its IPO of equity shares in May 2022. Partner Arka Mookerjee, supported by partner Siddhartha Desai, led the firm’s team in the transaction.
Rajah & Tann Singapore has advised on Worldwide Hotels Group’s S$525 million (US$392m) acquisition, via share sale, of the PARKROYAL on Kitchener Road. Partners Loh Chun Kiat, Norman Ho and Benjamin Tay led the firm’s team in the transaction, which marks the largest single hotel asset transaction in Singapore, as well as the second largest in Asia Pacific in 2023.
Shardul Amarchand Mangaldas has advised ideaForge Technology on the IPO of approximately 8.44 million equity shares on the Indian stock exchange. The offering includes issuance of fresh approximately 3.6 million equity shares aggregating to Rs2.4 billion (US$29m) and an offer for sale of approximately 4.9 million equity shares aggregating to approximately Rs3.3 billion (US$40m) by one of the promoters, individual shareholders and the corporate shareholders. The deal was valued at approximately Rs5.7 billion (US$69m). The equity shares were listed on the Indian stock exchanges on July 7, 2023. ideaForge is the first Indian drone manufacturing company to be listed on the mainboard, with the IPO being subscribed over 106 times overall, making it the highest subscription in an IPO in India since 2021. Capital markets national practice head partner Prashant Gupta and partner Sayantan Dutta, supported by partners Anirban Bhattacharya and Divi Dutta, led the firm’s team in the transaction. Hogan Lovells Lee & Lee advised the book-running lead managers on special purpose international law.
Shardul Amarchand Mangaldas has also advised Kansai Nerolac Paints on its sale of land to Shoden Developers. Kansai has sold its ownership land rights at Kavesar, Thane measuring approximately 97,090 sq mts with the transfer of rights in land measuring 6,300 sq mts. The deal was valued at approximately Rs671 million (US$8m). Partner Bhoumick Vaidya led the firm’s team in the transaction.
Trilegal has advised on the block trade of equity shares by certain shareholders in Adani Enterprises and Adani Green Energy. The equity share sales were undertaken in the secondary market on the stock exchanges, and aggregated to a total of approximately Rs83.72 billion (US$ 1.02b), comprising 46 million equity shares of Adani Green Energy and 18 million equity shares of Adani Enterprises. Partner Richa Choudhary led the firm’s team in the transaction.
Trilegal has also advised Serentica Renewables on a first of its kind agreement for use of 1500 MWh energy storage capacity at Greenko’s upcoming pumped storage projects in Andhra Pradesh and Madhya Pradesh. Partner Nayantara Nag led the firm’s team in the transaction.