India

Max Financial Services made a quick return to ECM with its latest overnight bookbuild raising Rp8bn ($124m) – although slippage was more severe this time around.

India’s divestment body has hired banks to lead the IPO of state-owned reinsurer General Insurance Corp of India, which is expected in the fourth quarter of 2017, according to a banker on the mandate.

S Chand and Co is set to raise Rp7.3bn ($112.8m) from its listing in India, with books scheduled to open on Wednesday.

India this week teed up the first divestment of the 2017/18 financial year and it hit a hole-in-one, after investors bundled into the book as soon as it opened. With the government rushing out requests for proposals for more sell-downs, the success of its debut is a sign of things to come, said equity market bankers in the country. Jonathan Breen reports.

Gunvor Singapore and India’s state-owned Rural Electrification Corp are tapping lenders for more than $1bn in new financings.

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.

India’s Rural Electrification Corp has extended the deadline for its latest request for proposals for a $200m syndicated facility by a week to next Monday.

India’s divestment body has sent requests for proposals for IPOs and offer-for-sales in a range of power and infrastructure companies.

Rural Electrification Corp chose not to exercise the greenshoe option on its $230m five year borrowing, resulting in a huge scaleback for many of its lenders.

The Reserve Bank of India (RBI) will let banks buy shares in real estate and infrastructure investment trusts (Reits and InvITs), removing one of the last hurdles for an asset class that has struggled to get off the ground for years. But some market participants still have doubts, warning that the debut deal will not come swiftly. John Loh reports.

Oil India raised $500m from the sale of its new 10 year notes on Tuesday, winning over investors with its investment grade rating, state support and rarity value.

Invitations are out for a $500m three year borrowing for State Bank of India, which has lined up 13 lenders to lead the deal with the money funded in March.