Allen & Gledhill has advised Ascendas Funds Management (S), as manager of Ascendas Real Estate Investment Trust, on the issue of S$208 million (US$151m) 3.468 percent green fixed rate notes due 2029, under the S$7 billion (US$5b) euro medium term securities programme established by HSBC Institutional Trust Services (Singapore), as trustee of Ascendas REIT. Partner Margaret Chin led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank on the S$529.7 million (US$384m) term and revolving green loan facilities to SPRINT Plot 1 TM, as trustee-manager of the SPRINT Plot 1 Trust, a joint venture between CapitaLand Group and Ascendas REIT. The proceeds of the facilities were used to, among others, partially finance the land and development cost of a business park development in Singapore. Partner Kok Chee Wai led the firm’s team in the transaction.
Ashurst has acted as Hong Kong, New York and Singapore counsel to Hong Kong-listed and Cayman Islands-incorporated MIE Holdings on its successful debt restructuring. This transaction is one of the major restructurings completed in the Hong Kong market this year. The restructuring was implemented via a scheme of arrangement in relation to MIE’s Singapore-listed and New York law-governed notes, along with a fully consensual and inter-conditional restructuring of four separate Hong Kong law-governed secured loan facilities. Hong Kong restructuring partner Sophie Lyall and global head of high yield debt partner Anna-Marie Slot, supported by partners Rob Child, James Comber and Frank Bi, led the firm’s team in the transaction, working closely with Walkers, Stroock, Stroock & Lavan and Paul Hastings in respect of recognition of the Cayman Scheme under the Chapter 15 in the US.
AZB & Partners is advising KKR, via Tangent Asia Holdings II, on its more than US$100 million acquisition of 9.99 percent of the share capital of Shriram General Insurance from Shriram Capital. Partners Ashwath Rau, Kashish Bhatia and Arvind Ramesh are leading the firm’s team in the transaction, which was signed on April 11, 2022 and is yet to be completed.
AZB & Partners has also advised Bundl Technologies on its Rs54 billion (US$704m) acquisition, along with other investors, of equity stake via series B round of funding in UrbanPiper Technology. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on March 9, 2022.
Clifford Chance has advised the Ministry of Finance of the Arab Republic of Egypt on its inaugural issuance of US$496 million samurai bonds due 2027. Issued on a private placement basis, the bonds mark the first sovereign samurai bond issued by a country from the African continent or from the Middle East. The bonds were also issued with an original and first credit enhancement scheme. The bonds are guaranteed by Sumitomo Mitsui Banking Corporation (SMBC), while Nippon Export and Investment Insurance provides an insurance to SMBC for its payments under its guarantee obligation. SMBC Nikko Securities acted as the lead arranger. Tokyo co-managing partner Reiko Sakimura led the firm’s team in the transaction.
Clifford Chance has also advised Credit Suisse, JP Morgan, CICC and CMB International, as the joint sponsors, and the underwriters on the US$106 million IPO and dual primary listing of Chinese question-and-answer platform Zhihu in Hong Kong. New York-listed Zhihu operates a series of online content communities in China, including the largest Chinese Q&A website, and provides service offerings, such as advertising, professional training courses and e-commerce activities. Zhihu is the first Chinese internet firm to seek a dual primary listing in Hong Kong and the US with a weighted voting rights structure on the bourse. China co-managing partner Tim Wang and partners Amy Lo, Fang Liu and Yufei Liao led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised Indian Renewable Energy Development Agency (IREDA) on the financial assistance provided to Renew Wind Energy (Rajasthan One), Narmada Wind Energy and Molagavalli Renewable, all of which are promoted by Renew Power, for premature redemption of the rupee bonds issued by these entities. Partner Yash Jain led the firm’s team in the transaction, which was completed on March 25, 2022.
IndusLaw has advised Xpressbees, IND Holdings and Elevation Capital on their approximately US$297 million investment into Xpressbees from investors, including Blackstone, TPG, ChrysCapital, Norwest Venture Partners and Alibaba, making its way into the much-coveted unicorn club. Partner Winnie Shekhar led the firm’s team in the transaction. Blackstone was represented by Cyril Amarchand Mangaldas, led by partner S Harish, while ChrysCapital and Norwest Venture Partners were represented by Shardul Amarchand Mangaldas & Co, led by partners Karun Prakash and Manita Doshi. Investcorp was represented by Anagram Partners, led by partner Simone Reis, while TPG was represented by AZB & Partners, led by partner Roxanne Anderson. Alibaba was represented by Trilegal.
IndusLaw has also advised Edtech startup Classplus on the US$70 million Series E investment into Classplus in a funding round co-led by Alpha Wave Global and Tiger Global. Other investors include RTP Global and Chimera. Partner Pratyush Khurana led the firm’s team in the transaction. Tiger Global was represented by Gunderson Dettmer and Nishith Desai and Associates, while AWI was represented by Shardul Amarchand Mangaldas & Co.
JSA has advised Axis Capital, IIFL Securities, Jefferies India, JM Financial and SBI Capital Markets on the qualified institutions placement of Indiabulls Real Estate. It filed a placement document on February 12, 2022 for issue of equity shares to qualified institutional buyers aggregating to approximately Rs8.65 billion (US$113m). Indiabulls Real Estate is a prominent real estate developer in the Mumbai Metropolitan Region and the National Capital Region of India. On August 18, 2020, the board of directors of the company approved a scheme of amalgamation, pursuant to which NAM Estates and other Embassy Entities will merge with the company. NAM Estates, Embassy One, Summit, Embassy East and EOCDPL, in addition to their respective subsidiaries, are engaged in construction and development of real estate projects, as well as related consulting and management services. Partner Arka Mookerjee, supported by partner Siddhartha Desai, led the firm’s team in the transaction.
JSA has also advised Microsoft on the US$225 million fund raising round of Udaan, a B2B e-commerce platform which was launched in October 2021. The securities issued will be converted into equity when Udaan raises its fund in the next round or during its planned IPO. Udaan’s platform enables supply chain and logistics operations focused on B2B trade for daily delivery across more than 900 cities and 12,000 pin codes through udaanExpress. It enables financial products and services to small businesses, manufacturers and retailers through udaanCapital to grow their business. Partners Lalit Kumar and Bharati Joshi, supported by partner Vaibhav Choukse, led the firm’s team in the transaction.
Khaitan & Co has advised Zoo Digital Group and its affiliates on their 100 percent acquisition of the award-winning media services and localisation businesses of Mumbai-based Vista India Digitek and Vista Tanweer Studios, together with a 35 percent investment in the aggregation services business of California-based Vista India Digital Media. Partner Sarthak Sarin, supported by partner Ritu Shaktawat, led the firm’s team in the transaction, which was completed on March 21, 2022.
Khaitan & Co has also advised CPC Diagnostics, a subsidiary of Everlife, on the transfer of the business undertaking of the distribution of fluorescence lateral flow-based POCT instruments from Weldon Biotech (India) and SM Biotech to CPC Diagnostics. Partner Vineet Shingal, supported by partners Shailendra Bhandare and Supratim Chakraborty and executive director Dinesh Kumar Agrawal, led the firm’s team in the transaction, which was completed on April 12, 2022.
Majmudar & Partners has acted as Indian counsel to N Harris Computer, a wholly-owned subsidiary of Constellation Software, on its acquisition of Allscripts Healthcare Solutions. N Harris Computer signed an agreement with Allscripts to purchase Allscript’s hospitals and large physician practices business. The deal is valued at US$700 million, including a continent performance-linked price of up to US$30 million. Transactions head managing partner Akil Hirani, supported by partner Ravishankar Raghayan, led the firm’s team in the transaction.
Rajah & Tann Singapore is advising Hong Kong-listed Theme International Holdings on its US$12.7 million acquisition of SK Chemical Trading (HK) and Fox-Chem. Partners Danny Lim and Cynthia Wu are leading the firm’s team in the transaction.
Rajah & Tann Singapore is also advising Singapore-listed Viking Offshore and Marine on its composite corporate actions comprising S$14.8 million (US$10.7m) rights issue of shares and warrants, S$15 million (US$11m) placement of shares, diversification of business to include supply chain management and lifestyle retail businesses, change of name to “9R Limited” and disposal of interest in its wholly-owned subsidiaries Viking Airtech and Viking HVAC. Partners Danny Lim and Tan Mui Hui are leading the firm’s team in the transactions.
S&R Associates is representing the Flipkart group on the acquisition of ANS Commerce, a full-stack e-commerce enabler that helps brands sell online. Partners Rajat Sethi and Sudip Mahapatra led the firm’s team in the transaction, which is subject to customary closing conditions.
Tiang & Partners has acted as international lead counsel to IDEG Asset Management on the successful launch of its first Ethereum Enhanced Portfolio, an actively managed fund tracking the price of Ether. IDEG is a BVI-based professional asset manager dedicated to offering institutionalised financial services in the digital asset market. The newly released ETH-focused fund uses a futures arbitrage strategy to enhance returns and flatten volatility. Investment funds head partner Gaven Cheong led the firm’s team in the transaction.
Tiang & Partners has also advised LiZen Asset Management, a Securities and Futures Commission of Hong Kong (SFC)-regulated entity licensed for Type 4 (advising on securities) and Type 9 (asset management), on securing approval from the SFC for an uplift of its Type 9 (asset management) licence to manage a portfolio of 100 percent “virtual assets”. LiZen launched two segregated portfolios, including Cygnus Special Situation Fund SP under Cygnus Global Equity Fund SPC in 2020. With the uplift, it is expected that approximately 40 percent of Cygnus Special Situation Fund SP’s gross asset value will be invested in virtual asset-linked instruments, where such relevant virtual assets include Bitcoin and Ethereum. With this approval, LiZen joins the ranks of a select few regulated managers in Hong Kong who are now able to manage virtual assets funds under the supervision of the SFC. Investment funds head partner Gaven Cheong also led the firm’s team in the transaction.
WongPartnership has acted for Mr Ong Wei Jian on the corruption case involving SP PowerGrid gas mains tender. Partner Melanie Ho led the firm’s team in the matter.
