AZB & Partners has advised Accenture Solutions on its acquisition of 100 percent equity share capital of Flutura Business Solutions. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on June 21, 2023.
AZB & Partners has also advised WWD Ruby on its Rs4.17 billion (US$51m) sale of equity shares of Sapphire Foods India. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on June 28, 2023.
Moreover, AZB & Partners has advised Bain Capital entities BC Asia Investments III, BC Asia Investments III and Integral Investments South Asia IV on their Rs21.78 billion (US$265.6m) sale of equity stake of Axis Bank. Partners Anil Kasturi and Nandita Govind led the firm’s team in the transaction, which was completed on June 15, 2023.
Further, AZB & Partners has advised Alpine Investors on the acquisition by Medusind Solutions (as the US acquirer) and Medusind Solutions India (as the India acquirer) of Bright Drive HCS LLC (as the US seller) and Bright Drive HCS Private Limited (as the India seller), respectively. Partners Ashwath Rao and John Adwet Raghav led the firm’s team in the transaction, which was completed on May 12, 2023.
Baker McKenzie is advising Prenetics Global, a leading genomics-driven health sciences company listed on Nasdaq, on the creation of a US$200 million joint venture named “Insighta” with globally renowned scientist Professor Dennis Lo to offer multi-cancer early detection screening. Insighta is expected to begin a multi-country 5,000-patient clinical trial of its breakthrough test, Presight, in early 2024. The initial Presight tests, which focus on liver and lung cancer, are set to be made commercially available in Mainland China and Hong Kong in 2025. The company plans to launch Presight One, a multi-cancer early detection test capable of detecting more than ten different types of cancer in 2027. The market demand for early detection cancer screenings is estimated to reach 30 million tests in Asia annually, and a market value of US$6 billion by 2030. Insighta’s Presight and Presight One are poised to save lives through the pioneering multi-cancer early detection technologies, and bolster Hong Kong’s standing as a global hub for life sciences innovation. Hong Kong private equity/M&A partners Derek Poon and Tracy Wut, and IP and technology partner Isabella Liu, supported by partners Abe Sun (IP & technology-Bangkok), Cecile Baumé (capital markets-Sydney) and Steven Canner (capital markets-New York, are leading the firm’s team in the transaction. Mourant acted as Cayman counsel to Prenetics.
Clifford Chance has advised Health and Happiness (H&H) International Holdings on the issuance of its Regulation S US$200 million 13.5 percent senior notes due 2026. The US$200 million notes comprise US$141.793 million of notes issued in exchange for H&H’s existing senior notes due 2024, and US$58.207 million of new money notes. The notes are listed in Hong Kong. The firm acted as H&H’s international counsel in the concurrent tender and exchange offers, consent solicitation and new money issuance, together with related security and intercreditor aspects. H&H Group is a Hong Kong-listed global health and nutrition company headquartered in Hong Kong and London. Proceeds from the notes will be used for refinancing. Partners Matthew Truman, Alan Yeung and Charlotte Leung led the firm’s team in the transaction.
Khaitan & Co has advised Lightspeed Venture Partners and Kalaari Capital Partners III on their acquisition of a minority stake in the share capital of Healthplix, pursuant to a primary investment in Healthplix’s approximately US$18.29 million funding round led by Avataar Venture Partners and SAI Global India Fund I, which was split across a bridge round and a Series C round. Partners Bharat Anand and Nidhi Killawala led the firm’s team in the transaction.
Khaitan & Co has also advised Ramkrishna Forgings on its acquisition of up to 33 percent stake, on a fully diluted basis, in Tsuyo Manufacturing. The acquisition was accomplished in three separate tranches, via subscription to optionally convertible debentures, with an option to acquire an additional 18 percent stake subsequently, to increase their shareholding to 51 percent. Partners Ashwin Bishnoi and Pashupati Nath led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised JC Flowers Asset Reconstruction before the NCLT (Mumbai bench) for admission of a petition seeking the initiation of Corporate Insolvency Resolution Proceedings against Reliance Innoventures, one of the ultimate holding companies of the Reliance ADA Group. This application was filed on July 18, 2020 by the original lender Yes Bank, through SAM & Co, under Section 7 of the Insolvency and Bankruptcy Code 2016 (IBC). The default amount was approximately Rs1 billion (US$12.2m), while the cumulative debt due was Rs10 billion (US$122m), consisting of term loans and non-convertible debentures. In December 2022, Yes Bank assigned the debt to JC Flowers. Reliance Innoventures denied the fact of existence of default basis, inter alia, wrongful adjustment by Yes Bank of the sale proceeds of certain pledged shares invoked and sold by Yes Bank, and of such sale being conducted at alleged ‘undervalue’ in the manner of a ‘fire sale’. It was further contended that the action was barred under Section 10A of the IBC (in relation to Covid era defaults). The NCLT rejected the contentions of Reliance Innoventures, and the petition was admitted on June 15, 2023. Partners Veena Sivaramakrishnan, Ameya Gokhale and Parth Gokhale led the firm’s team on the matter. Crawford Bayley & Co advised Reliance Innoventures.
Shardul Amarchand Mangaldas has also advised Warburg Pincus on its acquisition of a majority stake in Watertec (India) from the existing shareholders of the company. Managing partner Akshay Chudasama and partner Ashni Roy, supported by partners Ashni Roy, Pooja Ramchandani, Bhoumick Vaidya, Meghna Rajadhyaksha, Gauri Chhabra, Mukul Baveja and Zubin Mehta, led the firm’s team in the transaction, which closed on June 22, 2023.
Skadden has advised YSB, China’s largest and fast-growing digital pharmaceutical platform serving businesses outside of hospitals, on its listing and IPO in Hong Kong. YSB offered approximately 15.8 million shares at an offer price of HK$20 (US$2.55) per share for a total offer value of approximately HK$316 million (US$40.35m), exclusive of the over-allotment option. The company intends to use the net proceeds of the offering to further develop its pharmaceutical circulation business and its other businesses, for research and development, and for general corporate purposes. Trading commenced on June 28, 2023. Partners Shu Du, Paloma Wang and Kai Sun led the firm’s team in the transaction.
Trilegal has advised Edelweiss Alternative Asset Advisors and ESOF III Investment Fund (sponsored and managed by Edelweiss Alternatives) on their investment in (i) non-convertible debentures issued by listed fully integrated biopharmaceutical company Biocon aggregating up to Rs5 billion (US$61m); and (ii) compulsorily convertible debentures to be issued by Biocon Biologics, a Biocon subsidiary which develops biosimilars, aggregating up to Rs3 billion (US$36.6m). Corporate partners Kabeer Mathur and Kunal Chandra and banking and finance partners Aniruddha Sen and Prasan Dhar led the firm’s team in the transaction.
TT&A has advised Deutsche Bank and Standard Chartered Bank, as the structuring banks, on the US$1.7 billion financing via listed high yield debentures for Goswami Infratech, a promoter group entity of the Shapoorji Pallonji (SP) group, for refinancing of existing debt of the issuer and other SP group entities, and to fund group entities for their capital requirements. The debentures were secured by, among others, the SP groups’ shareholding in the ports vertical, compulsorily convertible preference shares held by the issuer in Afcons Infrastructure, and 50 percent of SP group’s shareholding in Tata Sons. Partners Sonali Mahapatra, Rahul Gulati and Nidhi Rani led the firm’s team in the transaction, which is the largest private placement of debentures by a non-investment grade issuer.
WongPartnership is acting for 65 Equity Partners and Seatown Private Capital Master Fund on their investment via purchase of callable convertible notes issued by Carsome Group, a car e-commerce platform. Carsome’s liquidity position stood at about US$200 million after its latest fundraising round. Partner Quak Fi Ling is leading the firm’s team in the transaction.
