State Bank of India SBI

India's placements market is heating up, with new issuers set to raise fresh equity.

ICICI Bank has closed its up to Rp150bn ($2bn) qualified institutional placement, according to a source close to the deal.

Investors threw their weight behind Housing Development Finance Corp's Rp140bn ($1.87bn) fundraising this week.

Shriram Transport Finance Co has scooped up Rp14.9bn ($199m) from a rights issue in India.

Two Indian companies have struggled to find demand in syndication for deals that were priced before Covid-19 shut down the country. But bankers are optimistic about the fate of India’s offshore loans market — as long as borrowers accept a rise in funding costs. Pan Yue reports.

Indian Railway Finance Corp has returned to the Japanese market for a $300m-equivalent Samurai loan.

India’s Yes Bank ended its Rp150.2bn ($2bn) share sale without enough demand to cover the deal, after a low turnout from individual investors.

Banks are leading a revival in ECM business in India, with Yes Bank gunning for $2bn this week. There are also signs of activity in the country’s moribund IPO market, writes Jonathan Breen.

Troubled lender Yes Bank has hit the market with an issue of fresh equity, with the deal covered at the open by pre-launch demand, according to bankers close to the trade.

India’s banking sector has long been in trouble. However, while a few banks can appeal to the equity capital markets to restore their capital levels — and their reputations — this won’t be easy or cheap.

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.

State Bank of India is on track to raise about Rp15.6bn ($204.7m) from an offer-for-sale of shares in its life insurance arm.