India

Housing Development Finance Corp has raised Rp19bn ($291.3m) from a fixed price qualified institutional placement, according to a banker that worked on the transaction.

Indian state-owned refiner Hindustan Petroleum Corp (HPCL) has mandated four lenders for a new offshore syndicated loan.

A number of Indian issuers are preparing to head to the international debt market, as the appeal of offshore fundraising rises amid pressure in the domestic bond market.

Singapore-listed Sembcorp Industries is planning to spin-off and list its Indian energy unit, which will raise Rp41bn ($632.2m) from a fresh issue of stock, according to a draft red herring prospectus filed on Thursday.

India's Tata Steel, which mandated a group of 21 lenders in January for a new loan, has shrunk the size of the fundraising following a blowout bond issuance.

Indian state-owned Punjab National Bank sent shockwaves through the country’s financial system last week when it disclosed a $1.8bn fraud at one of its branches. The timing could not have been worse, with the announcement casting a shadow over other public sector banks, most of which are in dire need of capital, writes Jonathan Breen.

Indian Railway Finance Corp has turned heads in the loan market with its request for up to $250m of 10 year money. While some market participants balked at the idea of 10 year commercial loans, those at the firm’s main target audience — Japanese banks — think the deal is worth a look. Shruti Chaturvedi reports.

The Securities and Exchange Board of India (Sebi) is cracking the whip on banks managing IPO applications for retail accounts, saying investors may have to be compensated under certain conditions.

HG Infra Engineering is planning to launch its Rp4.7bn ($72.4m) IPO in India at the end of February.

Indian state-owned Canara Bank has appointed a five-strong syndicate group to run a potential Rp45bn ($695.7m) qualified institutional placement (QIP), according to a senior banker on the deal.

Idea Cellular has raised Rp35bn ($541.8m) from a qualified institutional placement (QIP) as it prepares for a mega merger with the Indian unit of network carrier giant Vodafone.

Indian Railway Finance Corp has approached offshore lenders for a financing of up to $250m-equivalent in Japanese yen. But the company may struggle to generate demand from maturity-shy Japanese lenders, said a banker familiar with the deal.