South Asia

India’s latest infrastructure investment trust listing, or InvIT, was a success by most accounts, raising Rp32bn ($484m) for IndInfravit Trust. But the lack of liquidity in the secondary market has exposed it as a hollow victory. More needs to be done if the asset class is to become a viable fundraising tool.

Indian company TVS Logistics Services wants to increase a loan that it launched in November.

Birla Carbon, part of Indian conglomerate Aditya Birla Group, is targeting its relationship banks for the senior syndication of a $1.2bn borrowing.

IndoStar Capital Finance has scooped up Rp18.4bn ($273m) after pricing its IPO at the top of guidance, on the back of a strong turnout from a broad range of investors.

The Small Industries Development Bank of India (Sidbi) is looking to venture into the offshore rupee bond market, and is seeking lead managers and an international credit rating.

Investment bankers began pitching to work on the IPO of Indian logistics service provider Delhivery on Friday, according to a source familiar with the matter.

Nomura Holdings has applied to the China Securities Regulatory Commission (CSRC) to establish a joint venture securities firm in the country.

ReNew Power, a poster boy of India’s clean energy firms, is looking to raise as much as $1.4bn through an IPO as it revives public share sales in the sector.

Goldman Sachs-backed ReNew Power is seeking the greenlight for its IPO, having filed a draft red herring prospectus with the Securities and Exchange Board of India on Tuesday.

Carlyle raked in Rp10.2bn ($151.5m) from an overnight sale of some of its shares in Indian mortgage lender PNB Housing Finance on Tuesday.

IndInfravit Trust lifted the gloom in India’s infrastructure investment trust market this week after its Rp32.3bn ($484m) private placement, a first for the asset class, drew in Allianz Capital Partners and Canada Pension Plan Investment Board.

Sri Lanka has received proposals from four different groups of banks for its latest offshore borrowing of up to $1bn.