India

Several equity capital market transactions mooted by the Indian government have ruffled feathers recently, with the mandates for Cochin Shipyard and NMDC delayed due to disagreements on low fees. But the government isn’t the one to blame. If banks want an end to price undercutting, they need to take action.

Mahanagar Gas has opened books for its Rp10.4bn ($154.3m) Indian IPO with a valuation that is less than half the average in the utilities sector.

India’s stock market regulator is looking to offer real estate investment trusts (Reits) a helping hand by simplifying the process of registration and launching of an IPO.

Cochin Shipyard has dished out the mandate for its Rp10bn ($149m) IPO in India to three domestic firms, according to sources.

Banks bidding for a spot on the Indian government’s Rp36.9bn ($549.1m) sell down in NMDC have been told to match the Rp1 fee proposed by Citi or risk losing out, according to sources.

State Bank of India has allocated its latest $500m borrowing, finding demand from eight new lenders during syndication.

The Indian government has decided to offload a 10% stake in Housing and Urban Development Corp (Hudco) via an IPO.

Reliance Big Entertainment US has approached the Asian syndicated loan market for a $100m deal, bringing a rarely seen film production name to lenders. While there are some concerns over its cash flows, the borrower is mitigating those fears with two credit enhancements. Shruti Chaturvedi reports.

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CIMB has made 16 people redundant in investment banking and equities, the second time the Malaysian lender has cut regional jobs this year amid a slump in deal flow.

National Bank of Abu Dhabi is betting big on India’s fast growing economy, after opening a branch in Mumbai last November. The bank has ambitious plans for south Asia, its chief executive for India told GlobalCapital Asia recently.

Reliance Big Entertainment US, part of India’s Reliance Anil Dhirubhai Ambani Group (Reliance ADAG), is tapping lenders for a $100m three year trade with one bank at the helm.