India

India’s market regulator Securities and Exchange Board of India (Sebi) has given the go ahead to Reliance Infrastructure for its plans to launch an infrastructure investment trust, according to a stock exchange filing on November 25.

Indian Oil Corp, which sent out a request for proposals at the beginning of November for a five year borrowing to refinance a $300m bridge loan from earlier this year, has pushed back the deadline for banks to respond.

New lenders have signed a $300m refinancing for Gas Authority of India (GAIL), which was launched into general syndication in October.

State Bank of India has zeroed in on six lenders for a $600m financing. Although the mandate has been firmed up, general syndication will likely launch next year, said a banker close to the deal.

Export-Import Bank of India, which sold its first 144A bond in July, has now turned to the syndicated loan market for a $75m borrowing.

Nifty 50 futures trading on the Taiwan Futures Exchange will be able to be sold in the US, following a ruling by the Commodity Futures Trading Commission.

Novelis is to refinance debt raised in the US with an Asia loan, becoming the second company in India’s Aditya Birla Group to replace its term loan B with Asian liquidity. With plenty of cost savings on offer, bankers expect more companies to take a similar approach to fundraising, writes Shruti Chaturvedi.

Vodafone’s plans for an IPO of its Indian unit suffered a setback after it wrote down the value of the business by €5bn ($5.4bn) amid fierce competition, saying the float will not happen before March.

Bank of Baroda has rolled out its $300m three year into general syndication with the help of four leads. Pricing is close to what State Bank of India, the country’s largest lender, paid for its last three year facility.

Vodafone will not launch an IPO for its India business before March, even as the UK telecommunications giant wrote down the value of its India arm by €5bn ($5.4bn) following mounting domestic competition.

Metals producer Hindalco Industries, a unit of Indian conglomerate Aditya Birla Group, is planning to raise Rp50bn ($738.0m) in fresh funds, according to a stock exchange filing.

US based-Novelis, part of Indian company Aditya Birla Group, has decided to access the Asian syndicated loan market following discussions lasting several months.