India

The Indian government kicked off the sell-down of 11% of its stake in hydropower producer NHPC on Wednesday, with the two-day bookbuild expected to add Rp27.2bn ($408.4m) to the state’s coffers.

Veteran Citi India banker K Balasubramanian is due to leave the firm to head the corporate banking department at HDFC Bank, according to sources.

The limited syndication process for a multi-currency financing for affiliates of Sino Horizon has begun with one bank at the helm.

India’s third largest private lender Axis Bank has wrapped up its latest, self-arranged loan at $300m.

Telecommunication giant Vodafone has invited banks to pitch for the IPO of its Indian arm, which could raise up to $2.5bn. It is likely to name the line up as soon as early May, sources with knowledge of the situation told GlobalCapital Asia.

Indian micro-finance lender Ujjivan Financial Services has set the price range for its potential Rp8.8bn ($132.3m) float, which will launch on April 28.

The Indian government is looking to appoint up to four banks to help it offload a 10% stake in iron ore miner NMDC, in a deal that could raise Rp40bn ($604m) based on its market capitalisation.

Indian state owned blue-chip companies are expected to issue $1bn of Masala bonds, or rupee-denominated offshore bonds, in the next three or four months, said an Indian minister at a roundtable in London this week.

Indonesia’s Chandra Sakti Utama Leasing (CSUL) has approached the loan market for $80m, in a deal that comes backed by its accounts receivable.

HDFC Standard Life Insurance Co (HDFC Life) is preparing for a landmark transaction in India, getting the nod for an IPO that would make it the first insurance firm to float in the country. What seemed like a pipe dream has finally become a reality for issuers, with the uncharted sector expected to be welcomed by investors, writes Jonathan Breen.

State-owned Indian Railway Finance Corp (IRFC) has selected six banks to work on an offshore rupee-denominated bond, also known as Masala bond.

HDFC Standard Life Insurance Co (HDFC Life) could become the first insurance company in India to go public after its board of directors approved plans for its IPO.