India

Indian hospital chain Narayana Hrudayalaya launched bookbuilding for its Rp6.13bn ($92m) IPO on Thursday, bagging the Singapore sovereign among its anchor investors.

Tata Motors has allocated its $600m dual-tranche refinancing among a group of 36 banks. The company split the amount evenly between a five year and a seven year despite the longer tenor seeing a higher volume of commitments.

Alkem Laboratories has priced its Rp13.5bn ($202.1m) IPO at the top end of its range, following a burst of demand for the Indian healthcare sector in the past month.

The Asian debt market has been buzzing about Masala bonds for months but the maiden deal from an Indian issuer — widely expected in the first week of December — is yet to materialise. The slow development of offshore rupee bonds, however, is a good thing for what could potentially be a big market in the future.

In November, at the headquarters of the London Stock Exchange, Global Capital/Asiamoney hosted a roundtable discussion with several leading industry participants about the Masala bond market and its likely development. The discussion took place in the immediate aftermath of prime minister Narendra Modi’s visit to London, which coincided with a commitment for as much as £1bn of new rupee issuance to be listed on the LSE, broadening the market from the early International Finance Corporation and other supranational issuance to the private sector. The rationale for an offshore rupee bond market is clear: India, and in particular the central bank, want to reduce India’s vulnerability to foreign currency borrowing, while also retaining — for the moment — capital controls. For investors, offshore rupee bonds offer an opportunity to gain exposure to the currency, the economy and, as the market matures, specific credits. But the new market will face challenges, some logistical, and others about fundamental questions of governance. How will the Masala bond market evolve?

State Bank of India’s $500m loan has been allocated among 14 lenders, with signing scheduled for this week.

Alkem Laboratories is set to price its Rp13.5bn ($202.1m) IPO at the top of the range after investors piled into the trade, buoyed by healthy demand for the Indian pharmaceutical sector.

Syndication for a $145m loan backing the Blackstone Group’s acquisition of business process outsourcing assets in India is close to winding up.

Dr Lal Pathlabs has priced its Rp6.4bn ($95.2m) IPO at the upper end of guidance following strong demand from investors.

Two Indian healthcare companies closed extremely successful IPOs on Thursday, with Alkem Laboratories and Dr Lal Pathlabs fully covered mid-way through bookbuilding. And with India’s equity capital market buzzing with activity, bankers are telling their clients to seize the day before uncertainty sets in, writes John Loh.

Reserve Bank of India has issued a new framework to regulate offshore borrowing by Indian companies. While the changes are aimed at reducing the stress in the country’s banking system, the rules have led to bankers questioning how they will adjust to the new regime. Shruti Chaturvedi reports.

State-owned refiner Bharat Petroleum Corp has sent out a request for proposals for a $200m deal, coming to the market eight months after it cancelled a loan in favour of a bond.