AXIS bank
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The Indian bank kicks off deal despite a shareholder spat
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Indian insurer, backed by heavy hitters like Fairfax and Sequoia, readies IPO
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The Mumbai-focused real estate company gears up for its listing debut
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State-backed fertiliser manufacturer wraps up public offer oversubscribed
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Government shrinks deal size as demand wanes
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Life insurance firm chops deal size amid investor concerns
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Banker has relocated from Mumbai to Dubai to work in the Middle Eastern lender’s syndication team
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State-owned insurer aims for record IPO as investors switch to defensive stocks
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Manyavar brand owner plans all-secondary share IPO
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Insurer hits Indian ECM with rare private sector deal
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Investors struggle with Indian deal's size and 'rich' valuation
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Cloud communication platform focuses on long-only investor demand
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Issuer targets India's largest private sector listing in over a decade
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SJS Enterprises, Fino Payments Bank wrap up bookbuilding
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Fintech firms Policybazaar and Fino Payments seek listing
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Technology companies line up listings, in what is set to be a bumper year for the country’s ECM
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Indian issuers seek listing approval
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Promoters trim holdings in Indian asset manager
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The new, tightly priced, refinancing deal comes soon after the Indian company sealed a $500m loan
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India’s third largest private sector lender Axis Bank goes offshore for a landmark additional tier one (AT1) deal that lays the foundation for the country’s sustainable bond market
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The Indian renewable energy company issues a bond at holding company level, but compensates investors for the additional risk
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LIC picks banks for Rp1tr ($13.7bn) IPO, which is set to test the Indian market's ability to support big deals
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LIC mandates 10 banks to the syndicate team of its planned listing
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Indian insurance giant readies record listing, but pushes back the pitching process by a few days
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State-owned Indian firm nets Rp25bn ($337.1m) from its first equity issue of the year
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India's equity capital markets continue to bring out new deals, with a handful more now in the works.
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India's IPO market is seeing a burst of supply, fuelled by listings of technology companies and benefitting from concerns around China's regulatory environment.
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Cement producer Nuvoco Vistas Corp is aiming to raise Rp50.9bn ($686.2m) from its listing of primary and secondary shares in India.
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Adani Ports and Special Economic Zone locked up a $750m dual-tranche bond on Monday. But the deal was not easy for the Indian borrower, as negative headlines at home and a volatile Asian market kept many investors away. Morgan Davis reports.
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CarTrade Tech was approved by market regulator Securities and Exchange Board of India on Monday to proceed with its listing.
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Star Health and Allied Insurance filed a draft IPO prospectus with India’s securities regulator this week, become a rare private sector insurer to head for a listing.
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Adani Electricity Mumbai used a sustainability-linked bond to raise $300m, as the energy company transitions to more renewable power.
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ONGC Videsh, the overseas subsidiary of Indian state-owned Oil and Natural Gas Corp, has launched a $500m loan into general syndication. It is targeting a broad group of lenders for the fundraising, owing to lending caps imposed on banks.
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India’s Ministry of Steel has kicked off a two-day sale of its shares in National Mineral Development Corp, eyeing at least Rp19.3bn ($260m) in proceeds.
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General Atlantic-owned Indian healthcare group Krishna Institute of Medical Sciences (Kims) has raised around Rp21.4bn ($288m) from a nearly four times subscribed IPO.
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Indian company ONGC Videsh has mandated four banks for a $500m fundraising, which is likely to be syndicated next month.
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The Indian government has raised Rp40bn ($547.4m) from a sell-down of its stake in Axis Bank.
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Punjab National Bank has raised Rp18bn ($246.1m) after issuing a block of new shares. The deal drew strong demand from a handful of foreign and domestic financial institutions.
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Cement company Nuvoco Vistas Corp is planning a Rp50bn ($681.5m) listing, having filed draft IPO documents with the Indian regulator.
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PowerGrid Infrastructure Investment Trust has wrapped up its Rp77.3bn ($1.05bn) IPO, giving a boost to the still nascent asset class in India.
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PowerGrid Infrastructure Investment Trust kicked off India’s third InvIT IPO on Thursday, aiming to raise up to Rp77.3bn ($1.03bn) in proceeds.
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PowerGrid Infrastructure Investment Trust has fixed the price band for its Rp77.3bn ($1.03bn) IPO, which is set to open later this week.
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Airtel Africa, the UK telecommunication company providing services across Africa, has raised $500m from a range of international lenders. It becomes one of the latest Africa-based issuers to inject activity into the syndicated loan market.
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Indian real estate company Macrotech Developers has kicked off bookbuilding for its up to Rp25.1bn ($338.2m) listing.
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Indian auto components maker Craftsman Automation opened bookbuilding for its Rp8.2bn ($113.3m) IPO on Monday.
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Macrotech Developers, an Indian real estate company that was called Lodha Developers until mid-2019, has revived plans for a listing under its new name, three years after its last attempt at an IPO.
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Brookfield Asset Management has pulled off India’s third ever real estate investment trust IPO, raising Rp38bn ($521.7m) as strong demand covered the deal multiple times over.
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PNB Housing Finance has expanded its funding avenues for a planned deal of up to Rp1.8bn ($246.6m) to include a qualified institutional placement.
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Brookfield Asset Management is set to launch India’s third real estate investment trust IPO next week, as it aims to raise Rp38bn ($520.8m) from a mix of new and existing stock.
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Apollo Hospitals Enterprise has raised around Rp11.7bn ($160m) from a qualified institutional placement, drawing a swell of demand that pushed pricing above the floor.
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ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has decided to cancel general syndication for its $700m loan after the bookrunners found enough liquidity during a senior stage.
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Embassy Office Parks Real Estate Investment Trust has has raised Rp36.84bn ($500.9m) from an issue of new stock, according to a source close to the deal.
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Indian data analytics firm Mu Sigma has closed its $95m refinancing loan after receiving commitments from three more banks during syndication.
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Indian public sector lender Canara Bank has raised Rp20bn ($271.8m) from the sale of a chunk of primary shares, according to a banker close to the deal.
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India’s Emcure Pharmaceuticals has returned to the loan market after four years, seeking a small amount of $34m.
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ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has picked six banks for a $700m borrowing.
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Brookfield Asset Management is readying the IPO of its Indian real estate investment trust, which could raise up to Rp38bn ($519m) in primary proceeds.
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Mahindra and Mahindra Financial Services has raised Rp30.9bn ($412.4m) after wrapping up an oversubscribed rights issue.
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India's placements market is heating up, with new issuers set to raise fresh equity.
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ICICI Bank has closed its up to Rp150bn ($2bn) qualified institutional placement, according to a source close to the deal.
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Investors threw their weight behind Housing Development Finance Corp's Rp140bn ($1.87bn) fundraising this week.
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Indian private sector lender Axis Bank is set to price a qualified institutional placement worth up to Rp100bn ($1.34bn).
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Shriram Transport Finance Co has scooped up Rp14.9bn ($199m) from a rights issue in India.
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Two Indian companies have struggled to find demand in syndication for deals that were priced before Covid-19 shut down the country. But bankers are optimistic about the fate of India’s offshore loans market — as long as borrowers accept a rise in funding costs. Pan Yue reports.
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Mindspace Business Parks Real Estate Investment Trust wrapped up its Rp45bn ($601.3m) this week, treating India to its second listing in the asset class.
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Blackstone-backed Mindspace Business Parks Real Estate Investment Trust has kicked off a Rp45bn ($601.2m) listing in India.
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Indian private sector lender Axis Bank has lined up four European banks for an equity sale that could raise up to Rp150bn ($2bn), according to a source close to the deal.
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Mindspace Business Parks Real Estate Investment Trust has finalised the price guidance for its up to Rp45bn ($603.9m) IPO in India, set to be launched next week.
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India’s Yes Bank ended its Rp150.2bn ($2bn) share sale without enough demand to cover the deal, after a low turnout from individual investors.
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Mindspace Business Parks Real Estate Investment Trust is ready to take India's nascent Reit market further with the country's second listing from the asset class.
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Banks are leading a revival in ECM business in India, with Yes Bank gunning for $2bn this week. There are also signs of activity in the country’s moribund IPO market, writes Jonathan Breen.
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Troubled lender Yes Bank has hit the market with an issue of fresh equity, with the deal covered at the open by pre-launch demand, according to bankers close to the trade.
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A slew of Indian banks are turning to additional tier one and tier two instruments to raise their capital levels. But an expensive international debt market means the majority of the issuance is likely to take place onshore in rupees.
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A handful of Indian financial institutions have become the latest fallen angels, as pressure on the country’s economy and firms’ asset quality rises.
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India’s Mu Sigma, a data analytics firm, has kicked off an up to $100m loan in general syndication, after receiving commitments from three banks ahead of launch.
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Reliance Industries raised Rp531.2bn ($7.04bn) this week from India’s largest ever rights issue and the company’s first primary equity offering for over 25 years.
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India’s Mu Sigma, a data analytics firm, has returned to the loan market for an up to $100m deal to refinance its debt.
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India’s market regulator has approved Esaf Small Finance Bank to launch its IPO of about Rp9.8bn ($128.3m).
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A handful of Indian listings that had been expected by the end of March have been pushed back after a traumatic week for domestic and global markets.
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SBI Cards and Payments Services has priced its Rp103.4bn ($1.4bn) IPO at the top of the range and was allocating the stock to investors on Wednesday.
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India’s Tata Steel and Birla Carbon have decided not to syndicate their chunky loans, amid reluctance from the bookrunners to sell down their positions in a slowing market for deals.
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TVS Supply Chain Solutions, a subsidiary of Indian industrial conglomerate TVS Group, has mandated three banks for a $185m loan that will be syndicated to a small set of banks.
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SBI Cards and Payment Services was riding high on Thursday after a rush of institutional investor demand pushed its billion-dollar IPO through a coronavirus-driven slump in local and global markets this week. Jonathan Breen reports.
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India’s market regulator has given Equitas Small Finance Bank (ESF) the go-ahead for its IPO, which is expected to raise about Rp10bn ($136.3m).
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SBI Cards and Payments Services has kicked off its up to Rp103.4bn ($1.4bn) IPO, with over one quarter of the deal subscribed by anchor investors.
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SBI Cards and Payments Services, a State Bank of India subsidiary, set the final price range for its IPO, putting proceeds of up to Rp103.5bn ($1.44bn) in reach for when it launches the deal next week.
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India's market regulator has given Rossari Biotech the nod for an IPO that is expected to raise about Rp7bn ($98m).
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SBI Cards and Payments Services has finalised the price range for its IPO, which is set to be worth up to Rp103.5bn ($1.44bn) when it is launched next week.
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Avenue Supermarts’ founder Radhakishan Damani and members of his family offloaded a portion of their shares in the company this week, raising more than Rp34.3bn ($478.1m). The deal came just days after the company issued a chunk of primary stock.
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India’s equity capital markets have had a strong start to the year, pumping out a steady flow of large IPOs and secondary share offerings on the back of a big uptick in foreign investment. The country’s ECM pipeline is offering banks relief amid a slowdown in Hong Kong. Jonathan Breen reports.
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Barbeque-Nation Hospitality is planning an IPO of up to Rp12bn ($167.8m). It has revived its listing plans two years after first announcing the transaction.
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SBI Cards and Payment Services is preparing to launch its IPO of up to Rp95bn ($1.3bn) in the first week of March after getting the go ahead from the market regulator, according to a source close to the deal.
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Avenue Supermarts' founder Radhakishan Damani and his family members are looking to raise Rp30.3bn ($424.7m) from a secondary share sale, following an issue of new stock by the company last week.
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India’s Avenue Supermarts has raised Rp40.98bn ($575.2m) after sealing its qualified institutional placement above the floor price.
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Indian Railway Finance Corp courted investors for a 10 year bond on Thursday, only to add a 30 year tranche to the transaction later in the day following reverse enquiry.
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Avenue Supermarts, which runs Indian supermarket chain DMart, has launched a qualified institutional placement worth about Rp40bn ($561.3m).
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Indian companies Birla Carbon and Tata Steel have mandated banks for loans and both borrowers have signed up large groups of lenders at the top level.
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Axis sells full Syndicate Bank loan — Onfem boosts size to HK$6bn — Indorent closes $175m borrowing with 13 banks — VPBank wraps up $200m facility — Vingroup attracts 14 lenders
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India’s Syndicate Bank has closed its $100m borrowing, with the lead bank selling the entire amount to three participants.
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Home First Finance Co India, a home loan provider, is planning an IPO of up to Rp15bn ($209.1m), according to a draft prospectus filed with the country’s securities regulator.
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SBI Cards and Payment Services filed listing documents with India’s regulator this week for an IPO of up to Rp95bn ($1.33bn). The deal is on track to be the largest listing the country has seen for more than two years, writes Jonathan Breen.
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State Bank of India is looking to raise about Rp80bn ($1.1bn) by selling a minority stake in SBI Cards’ planned jumbo IPO, according to a banker on the mandate.
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India's Vedanta, Syndicate Bank make loan comeback — Shanghai Sinnoil defaults on $400m loan — Fullerton allocates $250m among 17 banks — Lesso closes $1.1bn refi — Indorent holds non-deal roadshows
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Vedanta Resources has made a quick loan comeback for a $500m borrowing.
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Axis Bank is looking to raise Rp100bn ($1.4bn) from a primary share sale to boost its capital adequacy ratio, according to sources close to the deal.
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Indian microloan provider Spandana Sphoorty Financial kicked off a two-day bookbuilding for its up to Rp12.01bn ($169.9m) IPO on Monday morning.
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Investor orders surged for Polycab India’s $194m IPO this week, allowing the transaction to close with an order book nearly 52 times subscribed.
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Energy generator NTPC became the latest of a recent slew of Indian issuers to fund in the dollar bond market, with more deals underway.
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Kerala Infrastructure Investment Fund Board made its debut in the offshore rupee market on Tuesday, raising Rp21.5bn ($311.7m).
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Indian Railway Finance Corp (IRFC) pushed into the dollar market on Monday to close a bond trade ahead of the end of the financial year. The issuer managed to grab $500m from the five year sale, despite a weaker market.
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India’s Housing Development Finance Corp (HDFC) sold a privately placed offshore rupee bond this week, giving an inkling of hope to what has been a lacklustre market.
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The government of Kerala is poised to sell its debut offshore rupee bond after a non-deal roadshow this month, in what could be the first Masala issuance since April.
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Jaguar Land Rover, owned by India’s Tata Motors, has returned for a $1bn loan, just months after closing a smaller £640m ($839m) dual-tranche facility.
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India’s JSW Steel has launched a $140m dual-tranche loan into general syndication, with the funds to go towards its acquisition of US-based steel plant Acero Junction Holdings.
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AGS Transact Technologies has revived its plans for a Rp10bn ($143.3m) IPO in India, according to a draft prospectus filed on Monday.
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Birla Carbon has closed a $1.2bn multi-tranche loan after attracting six participants during senior syndication, according to a banker close to the situation.
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Non-bank lender Hinduja Leyland Finance is making a second attempt at listing in India, some two years after it first filed a draft prospectus.
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State Bank of India has launched a new $750m three year borrowing into general syndication, about two months after mandating banks to run the transaction.
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Birla Carbon, part of Indian conglomerate Aditya Birla Group, is targeting its relationship banks for the senior syndication of a $1.2bn borrowing.
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IndInfravit Trust lifted the gloom in India’s infrastructure investment trust market this week after its Rp32.3bn ($484m) private placement, a first for the asset class, drew in Allianz Capital Partners and Canada Pension Plan Investment Board.