Asset cutbacks confront corporate India

As debts pile up and revenues fall, some of India’s largest businesses are consolidating or selling assets. While relatively few deals have emerged so far, many firms have little choice but to push through divestments. It could well shake up some of the country’s key sectors.

  • 16 Apr 2009
In Asian research circles, brokerage CLSA has tended to lead the cheerleading for India’s businesses and economy.
So when it reported in March that the country “is one of the riskiest markets to be in”, it was wise to take notice.
CLSA glumly pointed to the combination of ...

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 23,438.27 103 9.46%
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3 HSBC 21,532.30 124 8.69%
4 Deutsche Bank 14,929.24 54 6.02%
5 Standard Chartered Bank 12,864.13 73 5.19%

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3 Morgan Stanley 4,879.44 17 8.90%
4 HSBC 4,803.80 12 8.76%
5 Bank of America Merrill Lynch 4,270.90 19 7.79%

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5 Standard Chartered Bank 5,686.63 26 5.79%

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5 UniCredit 793.78 7 6.85%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
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1 AXIS Bank 3,917.94 61 15.95%
2 Trust Investment Advisors 3,216.02 74 13.09%
3 ICICI Bank 2,356.13 61 9.59%
4 Standard Chartered Bank 2,261.01 21 9.21%
5 HDFC Bank 1,552.43 41 6.32%