ICICI

School textbook publisher S Chand and Co’s Rp7.3bn ($112.8m) IPO, which was launched in India on Wednesday, had a book that was 1.8 times covered and growing as of Thursday evening.

Indian power company NTPC sold its second Masala bond on Tuesday, hitting the market a day after the National Highways Authority of India (NHAI) kicked off a roadshow for its debut. With more state-owned companies expected to jump on the Masala bandwagon, the government’s efforts at boosting the market appear to be paying off, writes Morgan Davis.

India’s NTPC sealed a Rp20bn ($311m) five year Masala bond on Tuesday, as the country continues its struggle to develop the offshore rupee market.

S Chand and Co has started bookbuilding for its Rp7.3bn ($112.8m) float in India after anchor investors took up 30% of the deal at the top of the marketing range.

IRB InvIT Fund is set to launch India’s first infrastructure investment trust next week, testing the market’s appetite for yield assets with a Rp46.5bn ($727.4m) IPO.

The top lending group for a dual-tranche borrowing by Vedanta Group has shrunk after one bank dropped out of the syndicate to tie up its portion of the financing bilaterally.

India’s NTPC opened books for a new offshore rupee offering on Tuesday, the second Masala transaction to hit the market this year.

The Indian government has launched its first divestment of the 2017/18 fiscal year, a sale of National Aluminium Company shares, and investors have jumped at the offer.

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.

Ahalia — Asahi — Cory Riverside

India’s divestment body is hunting for firms to manage New India Assurance Co’s IPO, one of five state-owned insurers the government plans to take public.