India

GMR Infrastructure is planning to hit the equity capital market for Rp25bn ($393m) in funding, once shareholders give it the green light. The move comes after the firm raised Rp14bn in a rights issue earlier this year.

Metro Retail shops around $123m float — Alkem Laboratories files $200m listing — CRCC High-Tech gets IPO on track

The Indian government moved a step closer to reducing its stake in Indian Oil Corp, after mandating five banks to lead a 10% share sale that could be worth as much as Rp94.27bn ($1.5bn).

Dongfeng Peugeot Citroën Auto Finance Co has increased the size of its latest loan to Rmb1bn ($158m) from a launch size of Rmb800m, after 14 lenders came in during general syndication. The borrower’s strong market position helped whip up interest, said bankers.

A beauty parade is underway among banks in India for the sell-down of 10% of the government’s holdings in state-controlled Indian Oil Corp, which could net Rp101.6bn ($1.6bn) based on its current share price.

The Indian government has ridden to the rescue of its ailing state-owned banks, promising to plough more capital into them to help shore up their tier one ratios. But a capital boost is no answer to the myriad problems facing the country’s public sector lenders. India needs to take a more radical approach.

One bank has sent out invitations for a $200m refinancing being raised by Indian travel company Cox & Kings, according to two sources.

Indian toll road operator IL&FS Transportation Networks is seeking shareholder approval for an up to Rp10bn ($157m) fundraising to support its future growth plans.

Alkem Laboratories, a drug manufacturer, has lodged its preliminary prospectus with India’s regulator for a listing that could raise some $200m. The trade will be led by two local and two international banks.

This November would mark three years since Australia’s Westpac strengthened its foray into India, with the opening of a branch in Mumbai. With an eight year presence in India under its belt, the bank is keen to develop relationships and offer more of its capabilities in trade finance, structured commodity finance and other products.

India threw a lifeline to its state-owned banks last week by pledging to inject more capital into its ailing lenders. While the move gives the banks a short-term reprieve, their ability to tap equity capital markets remains hampered by some deep-seated issues, say market participants.

The Reserve Bank of India (RBI) has opened discussions on the creation of a framework for foreign investor limitations on Indian bonds. The framework could allow for an increase in the current foreign investment quota, says DBS.