India

JP Morgan has picked two of its own staff to fill newly-created posts as co-heads of investment banking across the Asean region.

The board of India’s Shriram Transport Finance has approved a plan to raise up to Rp40bn ($525.5m) in fresh equity.

State Bank of India is on track to raise about Rp15.6bn ($204.7m) from an offer-for-sale of shares in its life insurance arm.

UPL Corp broke a month-long absence of Indian issuers in the international debt market, raising $500m from investors.

Reliance Industries raised Rp531.2bn ($7.04bn) this week from India’s largest ever rights issue and the company’s first primary equity offering for over 25 years.

The board of directors at Mahindra and Mahindra Financial Services has approved plans for a potential Rp35bn ($463.5m) rights issue.

Moody’s Investors Service downgraded the government of India to Baa3 from Baa2 on Monday, triggering bonds from the country to widen in the secondary market.

India’s Mu Sigma, a data analytics firm, has returned to the loan market for an up to $100m deal to refinance its debt.

Kotak Mahindra Bank is set to raise Rp74.4bn ($983.7m) from an issue of fresh equity, after a strong turnout from institutional investors pushed pricing to the top of the range, according to a banker on the deal.

Metals and mining company Vedanta Resources is seeking a bridge loan of $2bn to $2.5bn to take its India-listed subsidiary private.

REC became the first Indian issuer in two months to hit the international bond market this week, raising $500m. The power company managed to navigate cumbersome restrictions for its deal, but other potential issuers from the country will find the path much more challenging, writes Morgan Davis.

REC became the first Indian issuer in two months to hit the international bond market, raising $500m on Tuesday. While the deal was a success, it also shed some light on the restrictions and challenges being faced by the country’s issuers amid the Covid-19 pandemic.