India

A group of Indian and international banks have signed up to manage the government’s sell-down of NBCC India, which is set to be worth around Rp22bn ($328.5m), a source familiar with the matter said this week.

State-owned Indian Railway Finance Corp (IRFC) is steaming ahead with plans to issue its maiden offshore rupee-denominated bond in late September.

The Insurance Regulatory and Development Authority of India (IRDA) is looking to make IPOs mandatory for all insurance companies in India that fit the criteria. For some firms, this could be the kick they need to get their act together. But the regulator should be careful about forcing the hands of insurance firms that are not ready for a listing.

India’s insurance regulator is proposing to make IPOs mandatory for all insurers that have been in operation for a certain number of years, in a bid to increase their transparency.

India’s Aditya Birla Nuvo is planning to merge with Grasim Industries and in the process spin off its financial services business, according to a statement from their parent Aditya Birla Group.

A power plant construction firm from Indonesia and an equipment and infrastructure finance company from India are raising debt worth a collective $125m.

Four banks have been shortlisted by an arm of the Indian government to sell off its stakes in 51 listed and unlisted companies, with the presentations taking place on August 12.

State Bank of India, which allocated its last loan in June, has launched a fresh financing into the market through five mandated lead arrangers and bookrunners.

Greenko Energy Holdings became the first Indian corporate to sell a green bond in US dollars this week, setting a benchmark for high yield names in the sector. Issuers from the south Asian country are leading a charge for green debt in Asia and more corporates are set to follow suit. Addison Gong reports.

India’s Infrastructure Leasing & Financial Services is eyeing a Rp15bn ($224.3m) IPO for an infrastructure investment trust (InvIT) later this year, according to a source familiar with the matter.

ONGC Videsh is seeking a loan of $800m to support its acquisition of an incremental stake in a Russian oil company.

India’s RBL Bank has fixed the price range and bookbuild dates for its IPO next week, which is set to raise Rp12.1bn ($180.6m).