India

The Indian government kicked off a two-day bookbuild on Wednesday to sell 5% of its stake in Bharat Electronics worth Rp16.8bn ($250.9m).

A unit of Goldman Sachs raised Rp8.4bn ($125.2m) on Tuesday after selling down some of its stake in India’s Max Financial Services, taking advantage of a run-up in the stock.

The successful placement of an outbound acquisition financing for Indian company Intas Pharmaceuticals has put the spotlight on rules barring Indian banks from supporting local M&A. Intas’s loan has demonstrated that the country’s lenders are well positioned to structure and distribute complex deals with cross-border elements. It’s time for the regulator to rethink rules on domestic transactions.

India’s divestment department has issued three requests for proposals to banks as it looks to list its key railway ministry subsidiaries.

Bharat Road Network filed a draft prospectus for its listing last Friday, offering 29.3m primary shares via leads Inga Capital, Investec and Srei Capital Markets.

India’s Rural Electrification Corp has opened a $230m five year loan to retail participants, about a month after the lead banks pre-funded the money.

India’s market regulator has given the go ahead to IRB InvIT Fund’s IPO, making it the first infrastructure investment trust in the country to win approval to list. But IndiGrid and Reliance Infrastructure are hot on its heels.

India has released a series of targets to make sure its state-owned firms are listed within a specific time frame, giving them up to 5.5 months to market and launch their IPOs.

Allocations are out for a dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland.

The Reserve Bank of India has further opened up investment into Masala bonds by allowing new types of investors to access offshore rupee notes.

Reliance Infrastructure has begun gauging investor appetite for a potential Rp30bn ($448.1m) IPO of its infrastructure investment trust, according to a banker familiar with the matter.

The leads arranging a syndicated loan of up to $150m for Indiabulls Housing Finance have extended the deadline for commitments.