Partner, Head of India Group, Head of South and Southeast Asia Capital Markets, Singapore
“I am a New York and English qualified lawyer, specialising in debt and equity capital markets transactions in the Asia Pacific region. I have led on some of the most high-profile and complex debt and equity deals in the region and have in-depth knowledge of the market. My team and I combine this deep knowledge with the ability to develop innovative, commercially-focused structures that best suit clients’ requirements.”
Education and qualifications
Amit advises issuers and underwriters on the full range of debt and equity issues, including capital raisings, high yield issues, liability management, and masala and green bonds, as well as providing clients with general corporate advice associated with capital issues. He has acted on the substantial majority of market-leading debt capital markets transactions in recent years, as well as several prominent equity capital markets transactions.
Amit is widely recognised as a leading capital markets lawyer in South and Southeast Asia, particularly for his wide coverage of jurisdictions and products, in addition to having led on the market-first, innovative and award-winning transactions across Southeast Asia and the wider Asia Pacific region, including Indonesia, India, Philippines, Malaysia, Australia, Thailand, Sri Lanka, Vietnam and Fiji.
- sovereign bond issues by the Philippines, Maldives, Fiji and Sri Lanka and sovereign-linked issues across the region.
- the initial public offering (IPO) of Life Insurance Corporation, Sula Vineyards, Delhivery, Anand Rathi Wealth, Mapmy India and Policybazaar. The LIC IPO is the largest Indian IPO to date and the Policybaazar IPO is one of the largest unicorn IPOs to list on the NSE and BSE.
- the rights issue by Tata Power Limited and Bharti Airtel.
- the Reg S/144A initial placement of units through a private placement by National Highways Infra Trust. This transaction represents India’s largest road monetisation project listed on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE). Various other InviT issuances including those by Cube Highways Trust – advising the lead managers and placement agents as sole international counsel on the initial placement of units in an infrastructure investment trust; Anzen Trust – advising the lead managers as sole international counsel on the initial placement of units in AnZen India Energy Yield Plus Trust, Edelweiss Alternatives’ maiden diversified energy infrastructure trust; and NDR Warehousing – advising the lead managers on the proposed initial placement of units in an India infrastructure investment trust for warehousing projects in India.
- substantial majority of debt issuances over the last several years, including, high-yield bond issues by Vedanta Resources, Renew Power, ACME Power, Continuum, Tata Motors (2019), Tata Steel Motherson Sumi, ACME Solar Holdings Private Limited (2021 – ESG element), JSW Steel Limited and Neerg Energy (a highly structured US dollar Rule 144A/Regulation S issue). The January 2017 Vedanta US$1bn bond issuance due in July 2022 was awarded the “Best High-Yield Bond” award by Finance Asia and The Asset later that year. The Neerg transaction was given a “standout” mention in the FT Asia Pacific Innovative Lawyers Award given the swap mechanism that was put in place to channel funds raised by an offshore special purpose vehicle, Neerg Energy Ltd., back onshore to ReNew Power, while mitigating the risk of currency fluctuations; the bond was also certified as green by the Climate Bonds Initiative and verified by an independent assurance statement.
- investment grade issues by HCL Technologies, Wipro, Indian Oil Corporation, Oil India, Bharat Petroleum, Oil and Natural Gas Corporation and Hindustan Petroleum.
- the medium-term note programmes by HDFC Limited, State Bank of India, Bank of India, Syndicate Bank, Indian Overseas Bank, HDFC Bank and Power Finance Corporation Limited.
- masala bond issues by Axis Bank Limited, HDFC Limited and Shriram Transport.
- all of the issuances of dollar denominated of Additional Tier 1 notes by Indian banks, including the issuances by the State Bank of India, Axis Bank and HDFC Bank.
- the Qualified Institutions Placements for State Bank of India, Apollo Tyres, Motherson Sumi, Max Healthcare and Yes Bank.
- the issue of US$500m senior secured notes due 2031 and US$750m senior secured notes due 2027 by Adani Ports and Special Economic Zone Limited, India's largest private multi-port operator.
- the issue of US$1bn senior secured notes due 2030 by Adani Electricity Limited.
- the issue of US$600m Additional Tier 1 Perpetual Non-Cumulative Capital Securities by PT Agung Podomoro Land Tbk (Persero) Tbk. This is the first Additional Tier 1 Capital to be issued by an Indonesian Bank.
- the issue of a Komodo bond (Indonesian Rupiah denominated but US dollar settled) by PT Wijaya Karya (Persero) Tbk., which raised IDR 5.4trn Indonesian offshore rupiah (US$405m equivalent) with a coupon of 7.7%. This is the largest Komodo bond to date by an Indonesian state-owned entity.
- the issue of US$625m Rule 144A/Reg S bonds by Pt Saka Energi Indonesia. These bonds were Saka’s first US dollar bond issuance in the market.
- the issue of US$300m Reg S high yield bonds by PT Agung Podomoro Land Tbk. These bonds were Agung Podomoro’s first US dollar bond issuance into the market.
- the issue of US$800m 10-year trust certificates by the Government of Malaysia. The issuance is the world’s first sovereign sustainability sukuk, with the proceeds to be used for eligible social and environmental projects.
- the issue of US$1bn dual tranche sukuk issuance by Khazanah Nasional Berhad.
- the issue of US$400m high yield Reg S bonds by Press Metal (Labuan) Limited., an issuing special purpose vehicle, wholly owned by Press Metal Aluminium Holdings Berhad. The issue was guaranteed by Press Metal Aluminium Holdings Berhad together with certain of its subsidiaries and was the first high yield bond out of Malaysia in over 10 years.
- the cash tender offers and a concurrent consent solicitation by PTT Exploration and Production Public Company Limited (PTTEP) relating to its US$1,000m subordinated perpetual capital securities issued in 2014 and on the substantially concurrent offerings by a finance subsidiary of PTTEP of US$354.7m, the aggregate principal amount of subordinated perpetual capital securities with terms substantially identical as the securities repurchased in the tender offers. This innovative transaction was the first of its kind in Thailand and allowed PTTEP to materially lower its cost of capital via withholding tax savings.
- the medium-term note establishment by the Thai Export-Import Bank of Thailand.
- the joint lead managers in connection with the issuance of US$300 million guaranteed senior perpetual capital securities issued by Minor International Public Company Limited, guaranteed by Bangkok Bank Public Company Limited, acting through its Hong Kong branch.
- the sole dealer manager in connection with the any and all cash tender offer and the joint lead managers in connection with the issuance of US$300 million guaranteed senior perpetual capital securities issued by Minor International Public Company Limited, guaranteed by Bangkok Bank Public Company Limited, acting through its Singapore branch.
- the issue of US$750m and US$2.25bn bonds by the Republic of the Philippines (ROP). This offering includes the largest ever 25-year note the ROP has issued.
- the issue of US$600m bond by JGSH Philippines, a subsidiary of Philippine conglomerate, JG Summit Holdings. This is the largest 10-year offshore bond deal by a Philippine company since 2013.
- the issue of two bonds by International Container Terminals Services, Inc. which included the first unrated corporate bond issuance from the Philippines to be issued on investment grade terms.
- the medium-term note programmes of Rizal Commercial Banking Corporation and the Union Bank of the Philippines.
Education and qualifications
Amit studied law at Balliol College, University of Oxford on the British Chevening Scholarship from India (awarded to seven students from India) and holds a master’s in law from New York University School of Law, where he was also a graduate editor of the Journal of International Law and Politics.
Country of admission: Hong Kong SAR, United States, UK (England & Wales) and permitted to practise in permitted areas of Singapore Law (Section 36B of the Legal Profession Act)