South Asia

US private equity firm Carlyle has raised Rp39bn ($540m) after offloading a block of shares in SBI Cards and Payment Services, according to a source close to the deal.

Indian auto components maker Craftsman Automation opened bookbuilding for its Rp8.2bn ($113.3m) IPO on Monday.

Asia’s leveraged buyout loan market is facing a setback after a planned financing to back the acquisition of Mphasis, an Indian IT services firm, was scrapped as discussions between the buyer and seller fell through.

Asia’s debt market was hit with volatility this week, putting pressure on secondary trading, denting primary bond supply and forcing investment grade borrower Indian Railway Finance Corp to pull its dollar transaction. Is there any respite on the way? Morgan Davis finds out.

Indian Railway Finance Corp postponed its dual-tranche dollar bond offering on Monday when faced with a volatile market backdrop that ‘bamboozled’ the banks running the deal.

Utkarsh Small Finance Bank is planning an IPO of new and existing stock worth up to Rp13.5bn ($185.8m).

Indian agrochemical firm UPL Corp has opened the country’s first sustainability-linked loan into syndication.

Max Healthcare Institute, one of India’s largest hospital chain operators, is looking to raise up to Rp12bn ($164m) from a qualified institutional placement that was launched on Thursday.

Indian IT company HCL Technologies sold its first dollar bond on Wednesday, attracting investors with its high rating and established presence overseas.

Mining giant Vedanta Resources was back in the debt market on Thursday with a $1.2bn trade, giving further comfort to investors that it has not abandoned its plans to clean up its corporate structure.

Indiabulls Housing Finance has sold India’s first international convertible bond in more than a year, spurring interest from other companies struggling to raise funds in the country’s domestic market. But potential issuers will have to deal with a lot of regulatory hurdles, writes Jonathan Breen.

Indian telecommunication company Bharti Airtel found strong support from global investors for its bond this week, allowing it to raise more money than expected and price the $1.25bn deal at a tight level.