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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Jamie Benson included in India Business Law Journal’s A-List for three consecutive years

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.

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COVID-19 – Equity Fundraising Options for Listed Companies in Asia

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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”