经常有客户来问我，在新加坡设立信托的门槛是多少，回报是多少？一听这个问题，我就知道他们对英美法系的信托并没有真正理解。信托其实是英美法系的独特产物，本文将为各位读者系统地解释一下英美法系下的信托根本性质和起源，以及其在财富管理体系中的强大功能。
Duane Morris & Selvam Advises on India’s Biggest IPO Ever
SINGAPORE, 24 May 2022 – Duane Morris & Selvam LLP acted as international legal counsel to the President of India and Life Insurance Corporation of India (LIC) on the recent sale of 3.5% of the outstanding shares in LIC by the president of India for approximately US$2.7 billion in an initial public offering in India and concurrent private placements outside India, including a Rule 144A offering in the United States. LIC’s IPO is the biggest in Indian history. The scale of the IPO was immense, with over 7 million applications received from retail investors in India alone. On its listing, LIC was the fifth largest entity in India in terms of market capitalization.
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Duane Morris & Selvam acts on Union Bank’s INR 14.5 billion (US$200 million) QIP
SINGAPORE, 8 June 2021 – Duane Morris & Selvam LLP acted as international legal counsel to Elara Capital (India) Private Limited, IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and YES Securities (India) Limited on the recent sale of approximately INR 14.5 billion (US$200 million) of equity shares in Union Bank of India in a QIP, including a concurrent U.S. private.
Union Bank, incorporated in 1919, is the fourth largest public sector bank in India as at December 31, 2020 in terms of branch network. As at April 30, 2021, Union Bank had more than 120 million customers, which were served by 9,312 branches and 12,789 automated teller machines.
Duane Morris & Selvam’s team was led by Jamie Benson, the head of the firm’s US capital markets and India practices, and also included Hope Krebs, Ken Tan, Jacob Low and Yeo Ming Ze.
L&L Partners acted as Indian counsel to Union Bank and Crawford Bayley & Co. acted as Indian counsel to the book running lead managers.
About Duane Morris & Selvam
Duane Morris & Selvam LLP is the joint law venture between Duane Morris LLP and Selvam LLC, with its headquarters in Singapore. By way of its global platform and extensive range of legal services, the firm helps companies conduct business in and out of Asia, the United States, Latin America, the United Kingdom and beyond. In addition to the excellent skills of its lawyers, clients benefit from the cultural fluency and key relationships that the firm has developed over many years of practising law throughout the region. The firm has a presence in the key markets of Southeast Asia, including Singapore, Hanoi, Ho Chi Minh City as well as offices in Shanghai and Yangon. Supporting these regional offices, the firm operates a series of country desks for India, Indonesia, Korea and Japan, as well as an alliance in Sri Lanka. It is regularly ranked among the region’s leading law firms by Chambers & Partners, The Legal 500 and IFLR1000.
Duane Morris & Selvam acts on Affle’s INR 6 billion (US$82 million) QIP
SINGAPORE, 25 May 2021 – Duane Morris & Selvam LLP acted as international legal counsel to Axis Capital, Nomura and UBS, in their role as the book running lead managers, on the sale of INR 6 billion (US$82 million) of equity shares in Affle (India) Limited in a qualified institutions placement, including concurrent private placements outside India.
Affle is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagement, acquisitions and transactions through mobile advertising, as well as platform aims to enhance returns on marketing investment through contextual mobile ads and also by reducing digital ad fraud.
The Duane Morris & Selvam team was led by Jamie Benson, the head of the firm’s US capital markets and India practices, and also included Zabrina Hamid, Wang Bei, Justin Santarosa, Jacob Low and Yeo Ming Ze.
Induslaw acted as Indian counsel to Affle and J. Sagar Associates acted as Indian counsel to Axis Capital, Nomura and UBS.
About Duane Morris & Selvam
Duane Morris & Selvam LLP is the joint law venture between Duane Morris LLP and Selvam LLC, with its headquarters in Singapore. By way of its global platform and extensive range of legal services, the firm helps companies conduct business in and out of Asia, the United States, Latin America, the United Kingdom and beyond. In addition to the excellent skills of its lawyers, clients benefit from the cultural fluency and key relationships that the firm has developed over many years of practising law throughout the region. The firm has a presence in the key markets of Southeast Asia, including Singapore, Hanoi, Ho Chi Minh City as well as offices in Shanghai and Yangon. Supporting these regional offices, the firm operates a series of country desks for India, Indonesia, Korea and Japan, as well as an alliance in Sri Lanka. It is regularly ranked among the region’s leading law firms by Chambers & Partners, The Legal 500 and IFLR1000.
Duane Morris & Selvam acts on IDFC First Bank’s INR30 billion QIP
SINGAPORE, 21 April 2021 – Duane Morris & Selvam LLP acted as international legal counsel to ICICI Securities Limited, Citigroup Global Markets India Private Limited, Credit Suisse Securities (India) Private Limited, JM Financial Limited and UBS Securities India Private Limited in their role as the book running lead managers on the sale of INR 30 billion (US$400 million) of equity shares in IDFC First Bank Limited in a qualified institutions placement (QIP), including a concurrent US private placement.
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SPAC Listings
Special purpose acquisition companies (SPACs, or “blank check” companies), which are shell companies set up with the sole purpose of raising funds through an initial public offering (IPO) to acquire an existing target company, have seen a dramatic rise in the past year. High levels of liquidity and persistently low interest rates, coupled with a growing appetite among investors for higher-yielding investment opportunities, have fuelled the rising interest in SPACs. According to resource website SpacInsider, which tracks these investment vehicles, 248 SPAC IPOs were completed in the last year alone, raising US$83 billion, compared with 216 from 2009 to 2019. This article discusses the features of SPACs, its benefits and risks, trends in Asia as well as the future for SPACs in Singapore.
COVID-19 – Equity Fundraising Options for Listed Companies in Asia
With the COVID-19 pandemic continuing to overwhelm economies, a number of listed companies globally have already recapitalized through equity fundraising in the capital markets. New equity has helped these companies shore up their balance sheets and obtain liquidity. This Alert discusses equity fundraising options for listed companies in Asia and complements our prior Alert that discussed options for Asian companies to manage their outstanding bond liabilities. Continue reading “COVID-19 – Equity Fundraising Options for Listed Companies in Asia”
COVID-19: Bond Buybacks and Liability Management in Asia
As the COVID-19 pandemic continues to take its economic toll, many companies with outstanding bonds worry that they will not have enough cash on hand to repay their bonds on their stated maturity date, or that their bond covenants are, or may soon become, under pressure. These companies may benefit from amending their bonds to defer payment, achieve greater covenant flexibility or make other advantageous changes. For other companies, the decline in the bond markets presents an opportunity to repurchase their bonds at a significant discount.
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