Our capital markets practice in Singapore has had another good year in the year ended March 31, 2023. Thanks to our clients for their trust in us. Our deal highlights and awards and recognitions for the year ended March 31, 2023 are below.
Continue reading “Overview of our Capital Markets Practice for the Year ended March 31, 2023”
SINGAPORE, 11 April 2023 — Duane Morris & Selvam LLP acted as the international counsel to ICICI Securities Limited in its capacity as the lead manager on Capri Global Capital Limited’s recent sale of Rs. 14,400 million (US$180 million) of equity shares in a rights issue, including an offer to qualified institutional buyers in the United States. Capri Global Capital Limited is a nonbanking financial company (NBFC) in India that primarily caters to MSMEs, self-employed nonprofessionals and first-time borrowers that lack access to formal credit channels.
SINGAPORE, 25 March 2023―Duane Morris & Selvam LLP advised on two of the India Business Law Journal’s Deals of the Year 2022: Life Insurance Corporation of India’s (LIC) initial public offering, which is the largest IPO ever in India, and DreamFolks Limited’s IPO. Continue reading “Duane Morris & Selvam Advises on Two of the India Business Law Journal’s Deals of the Year 2022”
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。
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.
Continue reading “Duane Morris & Selvam Advises on India’s Biggest IPO Ever”
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.
SINGAPORE, 1 April 2021 – Duane Morris & Selvam is pleased to announce that Director and Head of the U.S. Capital Markets and India Practices, Jamie Benson, has been included the newly published India Business Law Journal’s A-List of Top 100 India focused lawyers at international law firms. This is the third year in a row that Jamie has been included in the list after he was named in the inaugural A-List in 2019.
The International A-List is based on extensive research conducted by the India Business Law Journal and based on the independent collective views of in-house counsel and private practice lawyers in India.
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”
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.
Continue reading “COVID-19: Bond Buybacks and Liability Management in Asia”
