Allen & Gledhill has advised United Overseas Bank and DB International Trust (Singapore) on the establishment of a S$500 million (US$366m) secured medium term note program, and issue of S$109 million (US$80m) 2.85 percent Class A1 sustainability-linked notes due 2026 and S$36 million (US$26.3m) 3.65 percent Class A2A sustainability-linked notes due 2026 by M&T Investments. The notes are backed by proceeds received from the sale, deregistration and/or lease of vehicles sold by Lion City Rentals, making them the first auto asset-backed securitization in Singapore. The notes are also the first sustainability-linked asset-backed securities in Singapore. UOB acted as sole arranger and program dealer in respect of the program, and the dealer for the notes. DB International Trust acted as note trustee and security trustee. Partners Magdalene Leong, Fabian Tan, Andrew Chan, Jo Tay, Kelvin Wong and Daselin Ang led the firm’s team in the transaction.

Allen & Gledhill has also advised CLI Treasury and CapitaLand Investment on the issue of S$400 million (US$293m) 3.33 percent notes due 2027 by CLI Treasury, under its S$6 billion (US$4.4b) euro medium term note program. The notes are unconditionally and irrevocably guaranteed by CapitaLand Investment. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.

Assegaf Hamzah & Partners has acted for GoTo Gojek Tokopedia, the largest technology group in Indonesia, through the Gojek, Tokopedia and GoTo Financial brands, on its IPO. The total amount raised from the group’s IPO is approximately US$1.1 billion, comprising US$954.7 million in proceeds, plus US$146.3 million from treasury shares for over-allotment, representing a market capitalization of approximately US$28 billion. Partners Bono Daru Adji and Intan Paramita (Mita) led the firm’s team in the transaction.

AZB & Partners has advised Welspun, via its wholly-owned subsidiary Mahatva Plastic Products and Building Material, on its Rs11 billion (US$144m) acquisition of Sintex BAPL from existing lenders of Sintex BAPL. Partners Nohid Nooreyezdan, Darshika Kothari, Nilanjana Singh, Suharsh Sinha, Qais Jamal, Avinash Subramanian and Nandan Pendsey led the firm’s team in the transaction, which was completed on March 31, 2022.

AZB & Partners is also acting as Indian law counsel to JM Financial, Ambit, DAM Capital Advisors (formerly IDFC Securities), Equirus Capital and HSBC Securities and Capital Markets (India), as the book-running lead managers, on BIBA Fashion’s IPO, comprising a fresh issue of equity shares aggregating up to Rs900 million (US$11.8m) and an offer for sale of equity shares by General Atlantic Singapore Fund, the selling shareholder. The Draft Red Herring Prospectus was filed with the SEBI on April 11, 2022. Partners Varoon Chandra and Agnik Bhattacharyya are leading the firm’s team in the transaction, which is yet to be completed.

JSA has advised Oman India Joint Investment Fund II on its primary investment in Senco Gold, the largest organized jewelry retail player in the eastern India. Senco Gold is a pan-India, omni channel, jewelry retailer with over 120 showrooms and a catalogue of more than 70,000 unique designs for gold jewelry and more than 30,000 unique designs for diamond jewelry. Partner Sidharrth Shankar, supported by partners Prakriti Jaiswal and Vaibhav Choukse, led the firm’s team in the transaction.

JSA is also advising Senco Gold on its IPO. Senco has filed a DRHP with SEBI in respect of its proposed IPO of equity shares. The IPO will consist of a fresh issue of shares and an offer for sale by SAIF Partners India IV. Senco Gold is a pan-India jewelry retail player with a history of more than five decades, and is the largest organized jewelry retail player in the eastern region of India, based on number of stores. Among eastern India-based jewelry retailers, Senco Gold has the widest geographical footprint in non-eastern states. IIFL Securities, Ambit and SBI Capital Markets are acting as the book-running lead managers to the IPO. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.

Khaitan & Co has acted as Indian counsel to Ruchi Soya Industries on a further public offering (FPO) of equity shares aggregating to Rs43 billion (US$562m). Ruchi Soya’s FPO is India’s first public offering made by any company after undergoing corporate insolvency resolution process to the meet minimum public shareholding. Executive director Sudhir Bassi and partner Madhur Kohli led the firm’s team in the transaction, which was completed on March 31, 2022. AZB & Partners acted as domestic counsels to the book-running lead managers, while Vaish Associates advised the promoters and the company.

Khaitan & Co has also acted as sole and lead counsel for Tata Realty and Infrastructure (TRI) on setting up of potentially one of India’s largest joint venture platforms in the commercial real estate space with Canada Pension Plan Investment Board (CPPIB), and investment by CPPIB and sale of stake by TRI to CPPIB in two of TRI’s existing assets (Intellion Park, Chennai and Intellion Park, Gurgaon). Partners Siddharth Shah, Aashutosh Sampat and Tanushree Bhuwalka, supported by partners Anisha Chand, Manisha Shroff, Avnish Sharma, Sudheer Madamaiah and Kshitij Bishnoi, led the firm’s team in the transaction, which was valued at US$700 million and was announced on April 8, 2022. Torys acted as offshore counsel, while Trilegal acted as India counsel to Canada Pension Plan Investment Board.

Rajah & Tann Singapore is advising Yangzijiang Shipbuilding (Holdings) on its S$4.25 billion (US$3.1b) spin-off and introductory listing of Yangzijiang Financial Holding in Singapore, based on its book value and net tangible assets. Partners Danny Lim and Tan Mui Hui are leading the transaction.

WongPartnership is acting for Nera Telecommunications on the grant of option and potential sale of the Defu Lane property for S$6.3 million (US$4.6m). The sale of the property is subject to a few conditions, including Nera Telecommunications getting approval from Jurong Town Corporation for De Tian’s proposed use of the property and the sale of the property to De Tian. Partner Serene Soh is leading the firm’s team in the transaction.

WongPartnership has also acted for Lendlease REIT on the issuance of S$200 million (US$146m) perpetual securities with an initial rate of 5.25 percent per annum for the first three years. Net proceeds from this round of issuance will be used to finance potential acquisition and investment opportunities, including the proposed acquisition of the remaining interests in Jem mall. Partner Trevor Chuan led the firm’s team in the transaction.

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