India

The Securities and Exchange Board of India has made a series of changes to the regulations for trusts to help give the nascent market a boost.

Indian generic drugs producer Jubilant Pharma raised $200m from its return to the bond market after investors rushed to snap up a rare Indian high yield credit.

Indian telecommunications giant Bharti Airtel is on track to launch a Rp250bn ($3.52bn) rights issue after getting the go ahead from its board of directors.

India’s largest telecommunications service provider Vodafone Idea has hired three banks to handle a rights issue that could raise up to Rp250bn ($3.5bn), according to a source close to the deal.

BNP Paribas has made Mrinal Parekh its new head of equity capital markets for southeast Asia and India, according to a source familiar with the matter.

Shriram Transport Finance Co raised $400m from first dollar bond on Wednesday, becoming the first Indian high yield borrower to tap the offshore market in just over a year.

The controlling shareholders of India’s Emami Group sold a 10% stake in the company to pay off debt this week.

National Thermal Power Corp (NTPC) has become the latest Indian corporation to tap the Samurai loan market, taking advantage of the cheap pricing and abundant liquidity on offer from Japanese banks.

India’s GMR Infrastructure has put together a sub-committee from its board of directors to oversee a possible spin-off of its airports unit.

Indian debt issuers have started 2019 with a bang, rolling out more than $3bn of bonds in January. Will the country eclipse the dismal dollar bond volumes it managed last year? Don’t bet on it. As a divisive election looms, it is more likely that Indian issuance will disappoint for a second year running.

The Indian government is offloading 50.76m shares in Axis Bank through an offer-for-sale, trimming its stake in the private sector lender as the end of the financial year looms.

India’s Bharat Oman Refineries, a joint venture between Bharat Petroleum Corp and Oman Oil Co, has returned to the offshore loan market with a $125m deal that breaks a four-year absence.