AZB & Partners has advised Azalp Technologies, an online platform that allows users to purchase digital content of influencers and creators listed on the platform, doing business as “Rigi”, on the Rs1 billion (US$12m) acquisition by Elevation Capital VIII, Accel India VII (Mauritius), SCI Seed Investment II and Stellaris Venture Partners India Trust II, among others, of equity stake in Rigi. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on February 20, 2023.
AZB & Partners has also advised UPL on the Rs16 billion (US$195m) acquisition of 9.09 percent stake by The Upswing Trust (a joint venture of TPG and Abu Dhabi Investment Authority) and Woodhall Holdings (DIFC) in UPL Sustainable Agri Solutions. Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on February 17, 2023.
Clifford Chance has acted as international counsel to global private equity firm CVC Capital Partners on its buyout of Xi’an Yikang Pharmacy. The firm previously advised CVC on its initial strategic investment in Yikang Pharmacy in 2021, and more recently on its acquisition of full control. Yikang Pharmacy is a leading pharmaceutical retail chain business in Northwest China with more than 1,600 pharmacies, and is a national leader among O2O (online to offline) and DTP (direct to patient) pharmacies. Through the investment, CVC will help Yikang Pharmacy to accelerate the growth of its business, implement standardised operating systems and continue to develop its digital health business. China co-managing partner Terence Foo, supported by partner Bai Yong led the firm’s team in the transaction, while Han Kun Law Offices acted as Chinese counsel.
Cyril Amarchand Mangaldas has advised ThomasLloyd Energy Impact Trust (TLEI), an investment trust listed in London, on the acquisition of an additional approximately 57 percent shareholding in SolarArise India Projects from its existing shareholders, including Core Infrastructure India Fund and Global Energy Efficiency & Renewable Energy. Following this transaction, TLEI now holds the entire shareholding of SolarArise, which has a portfolio of over 400 MW capacity of utility scale solar PV power projects, with long-term power purchase agreements with central and state utilities for sale of electricity. The transaction was signed on June 20, 2022 and closed on January 12, 2023. Partners Surya Sreenivasan and Ramanuj Kumar led the firm’s team in the transaction, while Herbert Smith Freehills acted as international counsel.
Cyril Amarchand Mangaldas has also advised Kotak Mahindra Bank on the acquisition of Sonata Finance, a non-banking finance company-micro finance institution registered with the Reserve Bank of India, for approximately Rs5.37 billion (US$65.4m). As a part of the transaction, Kotak has entered into share purchase agreements with the current shareholders of Sonata on February 10, 2023 to acquire approximately 26.45 million equity shares of Sonata with face value Rs10 (US$0.12) each fully paid up, for Rs5.37 billion (US$65.4m), constituting 100 percent of the issued and paid up capital of Sonata. The proposed transaction has been approved by the Board of Directors of both companies, and is subject to requisite approvals, including that of the Reserve Bank of India. Partners L Viswanathan (finance, projects and insolvency chair), Indranath Bishnu and Pranjita Barman, supported by partners Pranjita Barman, Richa Mohanty Rao, Bharath Reddy and Meeta Kurpad, along with general corporate director Sindhushri Badarinath, led the firm’s team in the transaction. AZB & Partners, led by partner Srinath Dasari, advised Sonata Finance.
JSA has advised HDFC Bank, India’s largest private sector bank, on the issue of US$750 million 5.686 percent senior notes due 2026, under the US$3 billion medium term note programme by HDFC Bank. The firm also assisted and facilitated, on behalf of HDFC Bank, the listing of the US$ notes in India. Partner Dina Wadia, supported by partner Uttara Kolhatkar, led the firm’s team in the transaction.
Maples has acted as BVI counsel to Lingang Wings on its issue of Rmb1 billion (US$143.5m) 2.98 percent guarantee bonds due 2025 and €50 million (US$52.7m) three percent guaranteed bonds due 2023, unconditionally and irrevocably guaranteed by Shanghai Lingang Economic Development (Group), a large-scale state-owned enterprise that focuses on the investment, development and operation of industrial parks, as well as provision of related ancillary services and industrial development. The group is highly experienced in the field of industrial park development. Partner Juno Huang led the firm’s team in the transaction, while King & Wood Mallesons advised on Hong Kong law, and AllBright Law Offices advised on Chinese law. The joint lead managers were advised by Linklaters as to Hong Kong law, and by Guantao Law Firm as to Chinese law.
Maples has also acted as Cayman Islands counsel to Modern Land (China) on the restructuring of its US$1.34 billion bondholder debt. The complex, multi-jurisdictional transaction was achieved via a successful Cayman Islands scheme of arrangement and recognition proceedings in the US, under Chapter 15 of the US Bankruptcy Code. Hong Kong-listed Modern Land is a property developer focused on the development of green, energy-saving and eco-friendly residences in China. The restructuring was prompted by the ongoing distress in the Chinese property markets, and focused on the company’s US$-denominated notes. Partners Nick Stern (Hong Kong) and Caroline Moran (Cayman Islands) led the firm’s team in the transaction, while Sidley Austin acted as international counsel, advising on Hong Kong and New York laws.
Rajah & Tann Singapore has acted for Reebelo, Asia Pacific’s fastest growing marketplace for sustainable tech, on its secondary sale executed via Series A extension round and share buyback. Partner Terence Quek led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for Saison Capital on Tazapay’s Series A fundraising round. Tazapay is a fintech company that provides a digital payment platform for businesses engaging in cross-border transactions. Partner Terence Quek also led the firm’s team in the transaction.
TT&A has advised Nomura Investments (Singapore) and Nomura Capital (India), as the initial debenture holders, and Beacon Trusteeship, as the debenture trustee, on the issue and allotment of 2,080 senior, secured, redeemable, unrated, unlisted, non-convertible debentures with face value of Rs1 million (US$12,182) each issued by Della Adventure & Resorts, aggregating up to Rs2.08 billion (US$25.34m), on a private placement basis in two series, as per terms of the debenture trust deed dated November 16, 2022, entered into between Della Adventure & Resorts and Beacon Trusteeship. Partner Rituparno Bhattacharya led the firm’s team in the transaction.
TT&A has also advised Embassy Office Parks REIT on a Rs10 billion (US$122m) loan facility it availed from Bajaj Housing Finance. This deal is the first term loan facility availed by an REIT. Partners Sonali Mahapatra and Nidhi Rani led the firm’s team in the transaction.
WongPartnership is acting for GK Goh Holdings, as the offeree, on a voluntary conditional offer made by Verveine for S$1.26 (US$0.93) per share in cash. Partner Quak Fi Ling is leading the firm’s team in the transaction.
WongPartnership is also acting for Northstar Group on its US$30 million investment in the pre-series C funding round of Una-Brands. Partner Kyle Lee is leading the firm’s team in the transaction, with partner Kylie Peh.