Allen & Gledhill has advised NTUC FairPrice Co-operative on the establishment of its S$1 billion (US$730m) multicurrency medium term note programme, and the issue of S$300 million (US$219m) 3.46 percent notes due 2029 under the programme. Partners Margaret Chin, Delwin Singh and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel for Credit Suisse (Singapore) and Goldman Sachs (Singapore), as joint issue managers, on the secondary listing of Class A ordinary shares by NIO in Singapore. NIO is the first electric vehicle manufacturer to be listed in Singapore. Upon admission to the official list in Singapore, the company will have concurrent listings in Hong Kong and New York. Partners Tan Tze Gay and Rhys Goh led the firm’s team in the transaction.
AZB & Partners has advised AJ Capital, via AJ Capital Gaming 1, on its acquisition, along with other investors, of stake in Cashgrail (Zupee). Partner Arvind Ramesh led the firm’s team in the transaction, which was valued at more than US$5 million and was completed on May 17, 2022.
AZB & Partners is also advising Mayo Clinic on its acquisition of stake in Karkinos Healthcare. Partners Darshika Kothari and Vasudha Asher are leading the firm’s team in the transaction, which was signed on May 18, 2022 and is yet to be completed.
Bird & Bird ATMD has acted as Singapore counsel to lead investor EV Growth, a growth fund under Indonesian venture capital firm East Ventures, on the Series A+ funding round, which raised US$28 million for Singapore designer toy collectibles start-up Mighty Jaxx. The deal brings the company’s valuation to over US$200 million. The funding round also includes investments from Mirana Ventures, Teja Ventures and KB Investment. Other investors in the company also include Tencent and Greycroft. Partner Marcus Chow led the firm’s team in the transaction.
Clifford Chance has advised Bank of China (Hong Kong) and HSBC, as joint lead managers, on the issuance of Hong Kong SAR Government’s inaugural retail green bonds under the Government Green Bond Programme. Open for subscription on April 26, the government has more than tripled the offer size for the three-year note to HK$20 billion (US$2.55b). Partner Mark Chan led the firm’s team in the transaction, which is the largest retail green bond issuance globally.
Clifford Chance has also advised Goshawk Aviation (as seller) and NWS Holdings and Chow Tai Fook Enterprises (both as seller’s guarantor) on the sale of Goshawk Aviation’s commercial aircraft leasing platform to SMBC Aviation Capital. Under the terms of the agreement, substantially all of Goshawk Aviation’s assets, liabilities and contracts for the commercial aircraft leasing platform will be sold to SMBC for cash of approximately US$1.6 billion, at an enterprise value of approximately US$6.7 billion. NWS Holdings and Chow Tai Fook Enterprise each held 50 percent stake in Goshawk Aviation. Hong Kong corporate partner Virginia Lee, supported partners Ranbir Hunjan (London), Zarrar Sehgal (New York) Richard Blewett (Brussels), Sonia Gilbert (London), Michael Lyons (London) and Thomas Walsh (Hong Kong), led the firm’s team in the transaction, which is subject to regulatory approvals and other customary conditions.
Cyril Amarchand Mangaldas has advised Nithia Capital Resources Advisors and Jai Saraf, as the resolution applicants, on the submission, negotiations with the committee of creditors and implementation of the resolution plan for Crest Steel and Power, a company undergoing corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code 2016, as amended. As part of the transaction, the resolution plan dated December 7, 2019 (as amended from time to time until March 23, 2020) submitted by Nithia was approved by Crest Steel’s committee of creditors in March, 2020 and subsequently by the Cuttack Bench of the National Company Law Tribunal on November 1, 2022. The resolution plan was implemented, and closing was accomplished on April 4, 2022. Partners Amey Pathak and Madhav Kanoria, supported by partners Manan Mehta, Bhargav Joshi and Surya Sreenivasan, led the firm’s team on the matter.
Cyril Amarchand Mangaldas has also advised the United States International Development Finance Corporation (DFC) on the US$100 million Basel III compliant note issued by RBL Bank to DFC to augment its Tier 2 capital. As a part of the transaction, RBL Bank has issued an unsecured and subordinated Basel III compliant Tier 2 Note amounting to US$100 million to DFC. The deal was signed on April 29, 2022, and closed on May 13, 2022. Partners Ramanuj Kumar and Aditi Misra led the firm’s team in the transaction, while Mayer Brown International acted as offshore counsel. Khaitan & Co acted for RBL Bank.
Indus Law has advised Info Edge on its investment, along with other investors A91 Partners, Z3 Partners and Surge Ventures, into Shipsy. Partner Pallavi Kanakagiri led the firm’s team in the transaction, which was valued at US$25 million. J Sagar Associates, L&L Partners and Shardul Amarchand Mangaldas also advised on the deal.
JSA has represented Yamuna Expressway Industrial Development Authority (YEIDA) on 19 tagged special leave petitions (SLPs) before the Supreme Court of India against a decision of the Allahabad High Court, that had held YEIDA’s policy decision of demanding additional amount from land allottees for payment of enhanced compensation to farmers as being “unfair, unreasonable and arbitrary”. Following YEIDA’s land acquisition in Gautam Buddha Nagar, local farmers challenged the acquisition and sought additional compensation for their land. After deliberations with all stakeholders, the Uttar Pradesh government ordered in 2014 to enhance the compensation amount, adding that the additional financial burden would be borne by the allottees of the lands in question. Consequently, YEIDA adopted the order, and issued demand notices to the private parties to whom lands had been allotted. The allottees approached the Allahabad High Court against the additional demand notices, which were struck down. On May 19, 2022, the Supreme Court allowed the SLPs. Reiterating that interference with a policy decision is warranted only on limited grounds, and that public interest overrides private contracts, the Supreme Court reversed the High Court’s decision, and found that YEIDA’s decision was in the “larger public interest, taking care of the concerns of the allottees as well as the farmers”. Partner Amar Gupta, supported by partner Divyam Agarwal, led the firm’s team on the matter, which was valued at approximately US$677 million.
Khaitan & Co is advising Endurance Technologies on its approximately Rs3.1 billion (US$40m) 100 percent acquisition, on a staggered manner, of Maxwell Energy Systems. Partner Prasenjit Chakravarti, supported by partner Nitish Goel, is leading the firm’s team in the transaction, which was announced on May 18, 2022 and is yet to be completed. Mehta & Padamsey advised Maxwell Energy Systems and the sellers.
Khaitan & Co has also acted as Indian counsel for the Japan Bank for International Cooperation on the US$100 million external commercial borrowing extended to Export-Import Bank of India, a policy-based financial institution wholly-owned by India. The agreement was signed during the Japan-Australia-India-US Summit 2022 Meeting in Tokyo. The loan is co-financed with MUFG Bank, The Hachijuni Bank and The Bank of Kyoto. JBIC will also provide a guarantee for the co-financed portion by the private financial institutions. This loan will financially support, through EXIM-India, the Indian healthcare sector related to COVID-19, including vaccine manufacturers and pharmaceutical companies. Partner Devidas Banerji led the firm’s team in the transaction, which was completed on May 23, 2022. Allen & Overy acted as the Japanese counsel for JBIC.
L&L Partners has acted as lenders’ counsel to NIIF Infrastructure Finance on the up to Rs2.46 billion (US$31.7m) financial assistance for part-refinancing of three separate solar power projects set up in the state of Karnataka, under three project SPVs promoted by O2 Power. Partner Karan Mitroo led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for KKR Asia on the S$598 million (US$436.5m) acquisition of the entire issued and paid-up share capital of Silver Peak Holdings, which owns the property situated at 20 Anson Road and known as “Twenty Anson”. Partners Norman Ho, Sandy Foo, Benjamin Tay and Cindy Quek led the firm’s team in the transaction, which marks the first real estate office investment in Singapore by KKR.
Rajah & Tann Singapore has also advised Everblue Esports Ventures, as the lead investor, on its subscription of shares in Potato Play. Partner Tracy Ang led the firm’s team in the transaction.
Slaughter and May Hong Kong is acting for China International Capital Corporation Hong Kong Securities (CICC), as the financial adviser, on the acquisition via auction by SAIC Motor Corporation of an approximately 71.04 percent shareholding in, and the possible unconditional mandatory cash offer for all the H shares and domestic shares of, Shanghai Dongzheng Automotive Finance (Dongzheng). SAIC Motor won the auction at the bid price of Rmb1.6 billion (US$240m). The vendor, China ZhengTong Auto Services Holdings, sold such shares pursuant to an administrative decision issued by the CBIRC Shanghai Office and an administrative ruling issued by the Shanghai Financial Court. The maximum consideration for the possible mandatory cash offers for the H shares and the domestic shares is approximately HK$670 million (US$85.4m) and Rmb84.6 million (US$12.7m), respectively. Shanghai-listed SAIC Motor is a leading automobile group in China. Hong Kong-listed Dongzheng is an automotive finance company which provides loans, direct leasing products and other financial services for purchases of vehicles in China. CICC is a licensed corporation under the SFO licensed to carry out Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 6 (advising on corporate finance) regulated activities. Hong Kong partner Benita Yu led the firm’s team in the transaction, which was announced on May 26, 2022.
WongPartnership has acted for NIO, a pioneer and leading company in the premium smart electric vehicle (EV) market, on its listing in Singapore. With a market capitalisation of more than S$30 billion (US$21.9m) at the time of its listing in Singapore, NIO is now listed on three global exchanges in New York, Hong Kong and Singapore. Partners Gail Ong, James Choo and Chong Hong Chiang led the firm’s team in the transaction.