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Manisha Lallah is Counsel within the Corporate department in Mauritius. Manisha specialises in advising various clients, in particular financial services clients on corporate finance, domestic and cross-border public company M&A, securities law and the Stock Exchange of Mauritius Listing Rules, corporate and acquisition financing structures as well as secondary issues and capital restructurings.

She has worked on several transactions for financial institutions, private equity and hedge fund clients, including Monsoon Capital, Deutsche Bank AG, HSBC Group, AIG Group, New York Life International, LLC, DAMAC Holdings Co., LLC, Credit Suisse, Standard Bank Group, Standard Chartered Bank, Intelsat Corporation, Nedbank Group, Borneo Investment Group Inc, Quadrangle Group, Econet Wireless Global Limited, Holcim Ltd, Nordic Trustee ASA, OCBC Bank (Malaysia) Berhad and Union Bank of Nigeria, FirstRand Bank Ltd, Export-Import Bank of India.

She joined Appleby in December 2007. Prior to that, she practised mostly corporate law at the Mauritius Bar in private practice.

She speaks English and French.

Work Highlights

Examples of recent matters include:

  • Acted as Mauritius legal counsel to MTN (Mauritius) Investments Limited (Company) in connection with the Tender Offer to eligible holders of its outstanding USD750,000,0000 4.755%. Notes due 11 November 2024 held on the Regulation S Global Note bearing ISIN XS1128996425. MTN (Mauritius) Investments Limited is a holding company incorporated in Mauritius and is a wholly-owned subsidiary of MTN Group Limited which is a South African multinational telecommunications group operating in Africa and the Middle East.
  • Advised Standard Chartered Bank in connection with the financing for Leapfrog Emerging Consumer Fund III, LP and Leapfrog Emerging Consumer Fund IV, LP which are registered as limited partnerships in Mauritius and part of the LeapFrog group which is a renowned emerging markets impact investor.
  • Acted as Mauritius legal counsel to Genser Energy in connection with a USD 425 million refinancing for its expansion projects which include a 100km natural gas pipeline to Ghana’s second largest city, Kumasi, a 200mmscfd gas conditioning plant at Prestea, Ghana and a Natural Gas Liquid storage terminal at Takoradi Port as a major step in Genser’s decarbonization strategy to achieve net zero carbon by 2035. Genser Energy is an energy solutions provider which builds, owns and operates distributed generation installations and natural gas distribution infrastructure, selling power and natural gas to mines, industries and utilities.
  • Acted for Brookfield Singapore Pte. Ltd. and Brookfield Asset Management Inc, a leading global alternative asset manager with over USD600 billion of assets under management across real estate, infrastructure, private equity and credit (including through affiliate Oaktree Capital Management), in connection with a proposed investment in SCPG Holdings Co., Ltd whose major shareholder is CHINA VANKE CO., LTD.
  • Advised International Finance Corporation (IFC) in connection with the Mauritius law aspects of this matter which involved the Euro 600 million financing package provided by IFC along with DEG – Deutsche Investitions- UND ENTWICKLUNGSGESELLSCHAFT MBH, Société de Promotion et de Participation pour la Coopération Economique (Proparco) S.A. and United States International Development Finance Corporation to Aspen Finance Proprietary Limited, a company organized and existing under the laws of South Africa, listed on the Johannesburg Stock Exchange (JSE) and a leading pharmaceutical company in South Africa in its major role in producing COVID-19 treatment therapies and vaccines on the African continent as well as in the emerging markets.
  • Advised OMERS Infrastructure in connection with the acquisition of 19.4% in Azure Power Global Limited (NYSE:AZRE) from International Finance Corporation and IFC GIF Investment Company I for total consideration of approximately USD219m.
  • Advised UPL Corporation Limited, a subsidiary of UPL Limited, headquartered in Mumbai, India which, together with its subsidiaries, manufactures and markets agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals in India, Europe, North America, Latin America, and internationally in connection with the Tender Offer to eligible holders of its outstanding USD500,000,000 3.25% Notes due 2021.
  • Advised UPL Corporation Limited on the issue of USD 400 million Perpetual Subordinated Capital Securities to be listed on the Singapore Exchange Securities Trading Limited.
  • Advised Deutsche Bank, Standard Chartered Bank, ING, and UBS as initial purchasers on the USD300 million 7% senior notes offering by HT Global IT Solutions Holdings Limited (HT Global) which were listed on the Singapore Exchange Securities Trading Limited. HT Global is a holding company incorporated in Mauritius by Baring Private Equity Asia V Mauritius Holdings (4) Limited, and owns a 71.25% controlling interest in Hexaware Technologies, a global provider of information technology and business process management services.
  • Advised UPL Corporation Limited on the issue of USD 300 million 4.500% senior notes due 2028 to be listed on the Singapore Exchange Securities Trading Limited.
  • Advised HSBC Group on the Mauritius law requirements in connection with the proposed insertion of a new intermediate holding company in the context of the Group’s implementation of UK regulatory requirements which necessitate the separation (or “ring-fencing”) of the Group’s UK retail and commercial banking business from its wholesale and investment banking divisions.
  • Acted as Mauritius legal counsel to the AON Group in connection with its internal reorganisation and the local law requirements with regards to the implications to the change in controller and beneficial ownership. AON Group is a multinational financial services firm that sells a range of risk-mitigation products, including Commercial Risk, Investment, Wealth and Reinsurance solutions.
  • As Mauritius Counsel to Deutsche Bank AG, Singapore Branch and Standard Chartered Bankand DB Trustees (Hong Kong) Limited on the issue of USD 85 million additional 7%  senior notes due 2021 to the previously issued USD 300 million 7% senior notes due 2021 for which Manisha acted as Mauritius legal counsel in 2016 and which are listed on the Singapore Exchange Securities Trading Limited.
  • As Mauritius Counsel to Nordic Trustee ASA on the issue of 9.5%, USD 300 million senior secured bonds, which are listed on the Oslo Stock Exchange.
  • As Mauritius counsel for the setting up of the Africa Against Ebola Solidarity Trust, a charitable trust established under the Mauritius Trust Act 2001 in November 2014, an historic public-private partnership established with leading African businesses and the African Union.
  • Liquid Telecom – Africa’s leading independent data, voice and IP provider. A pioneering company that has significantly improved the telecoms infrastructure of Africa- in connection with a US$150 million investment for the extension of Liquid Telecom’s fibre network into additional countries as part of the company’s continuous expansion strategy.
  • As Mauritius counsel for leading company in connection with a proposed listing on the Stock Exchange of Mauritius which involved assisting the company with its pre-IPO corporate housekeeping and IPO preparations; helping to coordinate the due diligence process and drafting the offering documents amongst related work.
  • In relation to notes offering transactions undertaken by certain companies, the establishment and operation in Mauritius of holding and investment companies and private offerings of debt and equity.
  • Intelsat in connection with a USD250 million telecommunications satellite investment dedicated to supplying telecommunications services to Africa in an innovative and very complex cross-border transaction involving several jurisdictions such as the US, UK, France, Bermuda and Mauritius.
  • On a private equity deal that was shortlisted for the ‘Private Equity Deal of the Year’ in 2010’s International Financial Law Review’s (IFLR)/Asialaw India Awards. The deal saw Tower Vision India Pvt Ltd, an independent tower management company based in Gurgaon, India raise USD300 million from a consortium of international investors led by Quadrangle Capital Partners LLC.

Qualifications & Education

  • University of Buckingham (England)
  • BPP Law School, London (England)

Memberships & Associations

She is a member of the Honourable Society of Lincoln’s Inn, London (non-practising) and the Mauritius Bar.

Related People

Nivedita Patten

Senior Associate: Mauritius

T +2304054378
E Email Nivedita

Suhaylah Juman

Associate: Mauritius

T +230 203 4315
E Email Suhaylah

Zahrah Juman

Legal Executive: Mauritius

T +230 403 4345
E Email Zahrah

Karishma Beegoo

Senior Associate: Mauritius

T +230 405 4355
E Email Karishma

Malcolm Moller

Group Managing Partner: Mauritius, Seychelles

T +230 203 4301
E Email Malcolm

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