India

A recent spate of high profile loans has shown that Indian banks have the ability to execute highly structured M&A funding. This has reignited gripes about rules that bar Indian lenders from funding acquisitions of domestic companies, hindering the growth of small borrowers with big ambitions. Shruti Chaturvedi reports.

A dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland has netted $650m-$670m of commitments.

India’s Jain Irrigation Systems sold its maiden international deal on Wednesday, taking $200m from Asia’s first green bond of the year. Finding comparables was a big challenge given the issuer’s focus on irrigation for agriculture, with the leads juggling feedback from investors to find the right price. Rashmi Kumar reports.

Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.

India’s BSE could not have wished for a sweeter end to its Rp12.4bn ($182m) IPO, which on Wednesday closed hugely oversubscribed.

A vice-president in SBI Capital Markets’ ECM team in Mumbai has left the bank, according to sources close to the departure.

Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.

India is set to welcome its first international green bond of the year, as Jain Irrigation Systems opened books for an up to $250m transaction.

CIMB has lost its head of ECM in India, according to sources close to the move.

Neerg Energy is set to become the second Indian corporate to sell a dollar green bond, having hired six firms to arrange meetings with global accounts on Tuesday.

Metals and mining company Vedanta Resources jumped back into the international market on Tuesday with a 5.5 year transaction, hoping to secure a dollar deal before markets become quiet for the Chinese New Year holidays.

The Securities and Exchange Board of India has moved to clamp down on violations from high-speed trading, after the National Stock Exchange said some brokers had unfair access to its servers.