AXIS bank

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.

A handful of Indian financial institutions have become the latest fallen angels, as pressure on the country’s economy and firms’ asset quality rises.

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.

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.

India’s Mu Sigma, a data analytics firm, has returned to the loan market for an up to $100m deal to refinance its debt.

India’s market regulator has approved Esaf Small Finance Bank to launch its IPO of about Rp9.8bn ($128.3m).

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.

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.

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.

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.

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.

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).