India

General Insurance Corp looks set to close the largest Indian IPO in seven years, after offering investors a whopping Rp113.7bn ($1.7bn) deal — and managing to cover 75% of the book on the first day. That was a rare show of early demand for an Indian listing, but the deal was simply too big to ignore, said local bankers. Jonathan Breen reports.

Cornerstone investors are becoming increasingly common in overseas loan syndications, especially those involving Indian borrowers. While some may argue that this goes against the true purpose of syndication, which is to spread risk, loans bankers believe the change is for the better as it introduces borrowers to sturdy lenders for future funding needs. Shruti Chaturvedi reports.

Indian Energy Exchange wrapped up its Rp10bn ($153.6m) IPO on Wednesday, closing more than two times subscribed. But it suffered a hiccup during bookbuilding after local regulators changed their stance on whether foreign investors could participate.

Canara Bank raised an additional $200m after tapping an outstanding bond on Wednesday, bringing the total size of its August 2022 note to $600m.

After initially treating China’s Belt and Road Initiative as a local venture, India has launched its own Project Mausam plan that experts say could be a “win-win” for the region at the risk of stirring tensions between the two powers

Indian Energy Exchange has been forced to cut the size of the anchor book on its Rp10bn ($153.4m) IPO after local regulators decided foreign investors could not participate in the deal, said a source close to the transaction.

Investors rushed toward the Rp113.7bn ($1.7bn) IPO of General Insurance Corp on Wednesday, bringing enough orders to cover over 70% of the book by midday, a show of early demand rarely seen in bookbuilding for an Indian listing.

Indian lender Yes Bank may increase the size of its latest borrowing, a $200m five year that was aimed at Taiwanese banks, as total commitments have exceeded the base amount.

India’s Canara Bank opened a tap on its existing 2022s on Wednesday, looking to add to the $400m deal.

Tata Motors has enlisted six banks for a $850m refinancing exercise that will consolidate two earlier borrowings.

Reliance General Insurance Co has become the latest Indian insurer to announce plans to list, having filed a prospectus amid a stream of IPOs from the sector.

The operator of Hyberabad’s international airport is planning a visit to the dollar bond market.