India

Non-banking finance company MAS Financial Services has submitted draft documents with India’s market regulator to list for up to Rp5.5bn ($84.5m).

India’s divestment body is hunting for firms to manage New India Assurance Co’s IPO, one of five state-owned insurers the government plans to take public.

Allocations have emerged for a $1.75bn multi-tranche borrowing by Indian conglomerate Reliance Industries, with retail liquidity ending up concentrated on a longer dated portion.

Housing Development Finance Corp (HDFC) sealed the year’s first offshore rupee-denominated bond and the largest so far from an Indian name, pricing the Rp33bn ($504m) notes tighter than its onshore curve, said bankers.

Cochin Shipyard has submitted a draft prospectus with India’s market regulator for approval for its IPO, hiring three firms to run its deal.

General Insurance Corp of India (GIC Re) has started inviting banks to pitch for a role in its IPO, making it the first state-owned insurer to issue a request for proposals.

Yes Bank has bagged Rp49bn ($748.6m) from a qualified institutional placement after boosting the deal size on bumper long-only demand, and pricing at the top of guidance.

A $1.75bn borrowing for Indian conglomerate Reliance Industries, which entered general syndication at the beginning of February, has wrapped up, with allocations expected to be issued soon.

India’s Housing Development Finance Corp launched a three year and one month Masala bond on Friday, making its return to the offshore rupee-denominated debt market.

India’s Yes Bank is guiding investors to the top of the price range on its latest Rs49bn ($750m) fundraising, after an earlier attempt at a larger share sale was pulled last year due to market volatility.

Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i.

India’s Jindal Steel and Power (JSPL) is negotiating with lenders to extend maturities on syndicated and bilateral loans worth a total of about $760m, according to sources. With commodity prices having come out of last year’s lows, lenders are thawing to the sector but will continue to approach it with caution, writes Shruti Chaturvedi.