AXIS bank

Eight lenders will arrange a $750m five year borrowing for an entity in the Vedanta Group, in a deal that has been in discussion since January.

Aditya Birla Group unit Novelis wound up a $1.8bn Asian refinancing of its US term loan B at the end of March, with eight banks joining during general syndication.

Housing Development Finance Corp (HDFC) sealed the year’s first offshore rupee-denominated bond and the largest so far from an Indian name, pricing the Rp33bn ($504m) notes tighter than its onshore curve, said bankers.

India’s Housing Development Finance Corp launched a three year and one month Masala bond on Friday, making its return to the offshore rupee-denominated debt market.

State Bank of India has increased its latest fundraising in the syndicated loan market to $750m, fully exercising a $150m greenshoe. Allocations to the foreign branches of Indian banks accounted for 40% of the final facility.

Hindalco Industries’ Rp33.4bn ($500m) overnight fundraising was an unqualified success, with some $1.5bn of orders flooding in from global accounts, according to bankers on the trade.

Hindalco Industries’ qualified institutional placement, which launched on Thursday night in India to raise up to Rp33.4bn ($500m), is set to price with no discount to the last close, bankers on the deal said.

Novelis’s $1.8bn Asian refinancing of its US term loan B has seen four new lenders come in during syndication, as the leads hold out for several more large commitments.

China Reading, the e-book publisher backed by Tencent Holdings, has picked Bank of America Merrill Lynch, Credit Suisse and Morgan Stanley to lead its Hong Kong IPO, according to a source close to the matter.

Allocations are out for a dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland.

Most of Asia's equity capital markets were still waking up from the post-holiday slumber this week but bankers in India were on their toes, with IPO activity in the country continuing apace.

Indian power company NTPC made its debut in the euro market on Wednesday with a €500m deal, seeking out the currency to take advantage of favourable interest rates.