India

India's Rural Electrification Corp (REC) has sent out invitations for a $120m three year facility via one mandated lead arranger and bookrunner.

India’s Continental Warehousing Corp has opted for a domestic IPO to raise around Rp10bn ($150m), a source with knowledge of the situation told GlobalCapital Asia.

Tata Power’s subsidiary Bhira Investments has moved the deadline for commitments for a $460m refinancing to late April.

Indian lender Ujjivan Financial Services has decided to kick off bookbuilding for its Rp15bn ($225.5m) IPO at the end of April, according to a source close to the deal.

Indian company Shriram Transport Finance is holding conversations with banks for a rupee denominated offshore syndicated loan — the first of its kind. The talks follow a change in guidelines late last year for overseas debt raising, as the central bank encourages the development of the Masala market.

India’s Larsen & Toubro refiled a draft prospectus for the listing of its information technology (IT) services arm on Tuesday, this time eyeing a smaller deal worth about Rp13bn ($196m).

Small finance bank (SFB) Equitas Holdings made a splash in India this week, pricing the country’s largest, and one of the most popular, IPOs of the year at the top of guidance. The Rp22.5bn ($337.4m) listing is the first from an SFB in the country and its success came despite foreign investors playing no role in the transaction.

The Reserve Bank of India (RBI) has reduced the minimum maturity of offshore rupee-denominated bonds, also known as Masala bonds, to three years.

The Reserve Bank of India has given the nod for infrastructure companies to access foreign currency debt for shorter maturities than originally allowed — making a rare U-turn just four months after putting a new framework together. The RBI may have got it wrong first time around but it’s comforting that it lost no time in setting things right.

Indian medical institute Medanta is in the midst of selecting banks to run a potential $300m IPO, according to a source with knowledge of the deal.

PNB Housing Finance has made changes to the bank group leading its $400m Indian IPO, bringing in Bank of America Merrill Lynch to replace Barclays as a lead manager, according to a source close to the trade.

More details have emerged on a $405m loan being underwritten by three banks to fund Blackstone’s purchase of a stake in Indian fintech firm Mphasis.