ICICI

India’s Motherson Sumi Systems has increased the size of its qualified institutional placement to Rp20bn ($300m) on the back of strong investor interest, despite hitting the market immediately after Yes Bank pulled its transaction.

Asia’s oldest bourse, the Bombay Stock Exchange, has taken a step closer to its highly anticipated IPO, while IRB Infrastructure Developers is preparing to launch India’s first infrastructure investment trust.

Yes Bank has pulled what could have been India's largest qualified institutional placement this financial year, citing extreme volatility in the market.

A group of eight firms are to pitch for a place on the Indian government’s stake sale in construction company NBCC on Tuesday.

The Indian government has reissued a request for proposals to manage divestments in 51 companies held by its holding company after an initial RFP flagged up problems with conflicts of interest. But with the hitches now fixed, equity capital market bankers are predicting increasing interest from bidders, writes Jonathan Breen.

India’s RBL Bank priced its Rp12.1bn ($180.4m) IPO at the top end of guidance after a surge of demand pushed the deal to close nearly 70 times subscribed, said sources familiar with it.

Motherson Sumi Systems has appointed ICICI Securities, IDFC, IIFL, JM Financial and UBS as the leads on its qualified institutional placement, which is expected to raise $400m-$450m.

The Indian government has rejigged the conflict of interest clause in an upcoming request for proposals for sell-downs of companies in the Special Undertaking of Unit Trust of India, according to a source with knowledge of the situation.

India’s RBL Bank opened books on Friday for an up to Rp12.1bn ($180.8m) IPO — the first listing from a bank in the country in more than five years.

The Indian government has picked four banks to run its planned stake sale in Housing and Urban Development Corp, which could raise up to $250m, according to sources close to the deal.

A group of Indian and international banks have signed up to manage the government’s sell-down of NBCC India, which is set to be worth around Rp22bn ($328.5m), a source familiar with the matter said this week.

India’s insurance regulator is proposing to make IPOs mandatory for all insurers that have been in operation for a certain number of years, in a bid to increase their transparency.