Shashwat Tewary

Examples of Shashwat’s experience include the representation of*:

Equity Transactions (IPOs and follow-on equity offerings)

• Brookfield India Real Estate Trust as issuer's counsel in connection to the US$415 million qualified institutions placement of equity shares underwritten by Kotak Mahindra Capital, Avendus Capital and Elara Capital (India). This is the only QIP by an Indian REIT in 2024, and it marks the first REIT investment in India from the World Bank member International Finance Corporation and the Life Insurance Corporation of India.
• Kotak Mahindra Capital, BofA Securities India, Jefferies India, and Morgan Stanley India as underwriters in connection to the US$708 million qualified institutions placement of equity shares by Godrej Properties Limited. This is reported to be the largest QIP fundraise by a real estate company in India.
• ICICI Securities, IIFL Securities, Jefferies, and JP Morgan as underwriters in connection to the US$250 million initial public offering of equity shares by Sagility India Limited.
• ICICI Securities, DAM Capital, Jefferies, Nomura, Nuvama, and SBI Capital Markets in connection with the US$645 million initial public offering and US$350 million associated, pre-IPO sale of equity shares by Afcons Infrastructure Limited. This marks the largest IPO by an Indian infrastructure company, the largest IPO by an Indian construction company in the past two decades, and among the largest IPOs in India for 2024 to date.
• Brainbees Solutions Limited (FirstCry) as issuer's counsel in connection to the US$500 million initial public offering of equity shares underwritten by Kotak Mahindra, Morgan Stanley, BofA Securities, JM Financial, and Avendus.
• IIFL Securities and CLSA as underwriters in connection with the US$35 initial public offering of equity shares by Unicommerce eSolutions Limited.
• ICICI Securities, DAM Capital, JM Financial, SBI Capital Markets and Jefferies in connection with the US$190 million initial public offering of equity shares by Entero Healthcare Solutions Limited.
• Medi Assist Healthcare Services Limited as issuer's counsel in connection to the US$140 million initial public offering of equity shares underwritten by Axis Capital, IIFL Securities, Nuvama, and SBI Capital
• ICICI Securities, Axis Capital, JM Financial, and SBI Capital as underwriters in connection with the US$115 million initial public offering of equity shares by Muthoot Microfin Limited.
• ICICI Securities, Citigroup, Kotak Mahindra, and Ambit as underwriters in connection with the US$145 million initial public offering of equity shares by India Shelter Finance Corporation Limited.
• Kotak Mahindra, Citigroup, JM Financial and J.P. Morgan as underwriters in connection with the US$205 million initial public offering of equity shares by Honasa Consumer Limited. Named “Deal of the Year” 2023 by India Business Law Journal.
• Kotak Mahindra, ICICI Securities, IIFL Securities, JM Financial and Motilal Oswal as underwriters in connection with the US$230 million initial public offering of equity shares by Cello World Limited.
• Kotak Mahindra, ICICI Securities, and J.P. Morgan as underwriters in connection with the US$100 million initial public offering of equity shares of Blue Jet Healthcare Limited.
• JM Financial and Kotak Mahindra as underwriters in connection with the US$165 million initial public offering of equity shares of SAMHI Hotels Limited.
• Kotak Mahindra, Citigroup, and Jefferies as underwriters in connection with the US$185 million initial public offering of equity shares of Concord Biotech Limited.
• BofA Securities, Jefferies, Axis Capital, ICICI Securities, and JM Financial as underwriters in connection with the US$215 million qualified institutions placement of equity shares of Aditya Birla Capital Limited. Named “Deal of the Year” 2023 by India Business Law Journal.
• Kotak Mahindra, Axis Capital, IIFL Securities, Jefferies, and J.P. Morgan as underwriters in connection with the US$530 million initial public offering of equity shares of Mankind Pharma Limited. This marks the largest IPO in India in 2023. Awarded “Best IPO: South Asia” at the FinanceAsia Achievement Awards 2023.
• Axis Capital, BNP Paribas, BofA Securities, and J.P. Morgan as underwriters in connection with the US$305 million initial public offering of equity shares of PNB Housing Finance Limited. Awarded “Best Equity Deal: South Asia” at the FinanceAsia Achievement Awards 2023.
• Kotak Mahindra, BofA Securities and J.P. Morgan as underwriters in Macrotech Developers Limited US$550 million qualified institutions placement of equity shares. This was the first-ever purely secondary QIP of equity shares in the history of Indian capital markets. 
• Kotak Mahindra, J.P. Morgan, and IIFL Securities in connection with the US$205 million initial public offering of equity shares by Rainbow Children's Medicare Limited, a leading multispecialty pediatric, obstetrics and gynecology hospital chain in India.
• Axis Capital, IIFL Securities, Jefferies, JM Financial, and SBI Capital as underwriters in connection with the US$115 million qualified institutions placement of equity shares of Indiabulls Real Estate Limited.
• ICICI Securities, HDFC Bank, and JM Financial as underwriters in connection with the US$90 million initial public offering of equity shares of AGS Transact Technologies Limited.
• The lead managers on the US$993 million follow-on equity offering of Kotak Mahindra Bank Limited.
• The lead managers on the US$150 million IPO of L&T Tech Services. 
• The lead managers on the US$175 million IPO of Larsen & Toubro Infotech.
• The lead managers on the US$685 million IPO of Nuvoco Vistas Corporation Limited.
• The lead managers on the US$165 million IPO of Spandana Sphoorty Financial Limited.
• The lead managers on the US$150 million IPO of Credit Access Grameen Limited.
• The lead managers on the US$100 million follow-on equity offering of Credit Access Grameen Limited.
• The lead managers on the US$120 million IPO of Tejas Networks.
• The lead managers on the US$200 million IPO of Alkem Laboratories Limited.
• The lead managers on the US$95 million follow-on equity offering of Indiabulls Housing Finance Limited.

REIT/InvIT Transactions

• Brookfield India Real Estate Trust as issuer's counsel in connection to the US$280 million qualified institutions placement of units underwritten by BofA Securities, Morgan Stanley, Kotak Mahindra, Citigroup, Axis Capital, Jefferies, JM Financial, SBI Capital Markets, IIFL Securities, BOB Capital, and ICICI Securities.
• Blackstone and Indian property developer, Embassy, on the US$690 million IPO of Embassy Office Parks REIT, valued at approximately US$4 billion – India’s first ever REIT IPO.
• The lead managers on the US$785 million IPO of IRB InvIT Fund – India’s first ever InvIT IPO.
• Embassy Office Parks REIT on the US$500 million institutions placement – India’s first ever REIT institutions placement.
• The lead managers on the US$525 million IPO of Brookfield India REIT.

Debt Transactions

• ST Engineering as issuer’s counsel on the issuance of US$500 million 4.125% Notes by ST Engineering Urban Solutions USA, guaranteed by Singapore Technologies Engineering Ltd.
• Goodman Group in connection with (i) a cash tender offer to repurchase any and all of its outstanding €498,550,000 1.375% Guaranteed Senior Notes due 2025, and (ii) its issuance of €500,000,000 principal amount of 4.250% Guaranteed Senior Notes due 2030 pursuant to Regulation S. Goodman Group is the largest property group listed on the ASX and one of the largest listed specialist investment managers of industrial property (industrial estates, warehouses, distribution centers and other business space) globally.
• The managers on the issue by China Cinda (2020) I Management Limited of CNY1,500,000,000 3.70% guaranteed Bonds.
• The managers on the issue by Prologis, L.P. of CNY 1,500,000,000 3.50% Bonds. 
• PT Indonesia Asahan Aluminium and PT Mineral Industri Indonesia in connection with amendments to certain terms of indentures relating to U.S.$ bonds.
• ST Engineering as issuer’s counsel on the conversion of EMTN Programme to GMTN programme and the issuance of US$700 million 3.375% Notes and US$300 million 3.75% Notes by ST Engineering Urban Solutions USA, guaranteed by Singapore Technologies Engineering Ltd.
• The lead managers on the updates of GLP Pte. Ltd.’s US$5 billion EMTN programme.
• The lead managers on the Government of Indonesia’s US$4.3 billion ‘pandemic bond’ issuance under its SEC registered programme (“Debt Market Deal of the Year” – ALB Indonesia Awards 2020).
• The lead managers on the updates of Export-Import Bank of India’s GMTN programme, and drawdowns under the programme, including the US$1 billion notes issuance in January 2021.
• The lead managers on the updates of Shriram Transport Finance Corporation’s GMTN programme and drawdowns under the programme, including the US$500 million social bond issuance in January 2020.
• The lead managers on the US$350 million sustainability-linked bond by PT Japfa Comfeed Indonesia Tbk.
• The Government of Indonesia’s Rule 144A/Reg S sukuk issuance programme, including the issuance of US$3 billion dual-tranche sukuk in 2018 (comprising the first ever sovereign green sukuk) (“Islamic Finance Deal of the Year” – ALB SE Asia Awards 2018) and the issuance of US$3 billion three-tranche sukuk in 2021 (“Debt Market Deal of the Year – Premium” – ALB SE Asia Awards 2022).
• Indiabulls Real Estate Limited as parent guarantor on the US$175 million high yield bond issuance by Century Limited.
• The lead manager on the S$150 million guaranteed amortising bond issuance by Nexus International School (guaranteed by CGIF).
• Pearl Engineered Solutions on its US$175 million, 9.50% senior secured notes issuance.
• The lead managers on the US$750 million bond issuance by Arab Petroleum Investments Corporation under its global medium-term notes issuance programme.
• Singapore banks/Singapore branches of foreign banks on the establishment/updates of their commercial paper/certificates of deposit programmes.

Liability Management

• J.P. Morgan, Mandiri Securities, Standard Chartered Bank and UBS AG in connection with the offer to exchange Jababeka International B.V.’s outstanding 6.50% Guaranteed Senior Notes due 2023 (the “2023 Notes”) for PT Kawasan Industri Jababeka Tbk.’s Guaranteed Senior Secured Notes due 2027, and solicitation of consents to amend the indenture governing the 2023 Notes.
• Star Energy (Indonesia) on its tender offer/consent solicitation and fresh Rule 144A/Reg S issuance of US$337.5 million senior secured notes.
• Serba Dinamik International Ltd. on its tender offer in relation to two tranches of its Sukuk certificates.
• Indiabulls Real Estate Limited on its tender offer in relation to its senior secured notes.
• Deutsche Bank on the tender offer of debentures by Telekom Malaysia Berhad.
• An Indonesian telecommunications company on the consent solicitation relating to amendments to its US$100 million Notes.

Others/Miscellaneous

• A sovereign wealth fund on risk-free rate transition issues, involving the review of all of its IBOR linked bond investments to assess the robustness of fallbacks.

*Includes matters worked on prior to joining Sidley.

Shashwat has provided advice and country of origin research on pro bono asylum cases pursued by human rights/asylum organisations in Hong Kong and India. Claimants originated from countries such as Afghanistan, The Democratic Republic of Congo, and Egypt.

Shashwat has lectured on the debt capital markets module of the preparatory course for the Singapore bar examination (conducted by the Singapore Institute of Legal Education) for six years. He has also delivered guest lectures on Real Estate Investment Trusts at the University of Melbourne, as part of the Property Securitization course module.