South Asia
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A secondary equity sale in InterGlobe Aviation, the parent of Indian budget airline IndiGo, netted Rp12.7bn ($197.4m) for two shareholders on Thursday. -
Indian ECM bankers are lining up for a bumper end to the year, with a string of state-owned financial institutions preparing qualified institutional placements (QIPs). Jonathan Breen reports.
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Syndicate Bank has become the latest in a string of Indian state-owned lenders to opt for a qualified institutional placement, looking to raise up to Rp12bn ($186.2m) in primary capital.
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Two shareholders in InterGlobe Aviation are looking to rake in Rp12.6bn ($196.2m) from a two day sell-down of their stock, opening the offer for sale on Wednesday morning.
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India’s Natco Pharma raised Rp9.15bn ($142m) this week, using a qualified institutional placement to sell the new stock.
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India’s Rural Electrification Corp raised $400m from a three year bullet on Monday, opting for an unusual tenor for a credit from the country, but still finding more than enough support for its deal.
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State-owned Indian lender Punjab National Bank has wrapped up a Rp50bn ($775m) capital raise through a qualified institutional placement (QIP), according to a banker on the deal.
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Indian state-owned Canara Bank is seeking up to Rp35bn ($543.9m) through a qualified institutional placement, and is looking to hire firms to run the deal.
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India’s Rural Electrification Corp kicked off the week by launching a three year dollar bond on Monday morning local time.
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India’s ICICI Bank sealed a $500m 2027 bond with ease on Thursday, pricing the trade at a tight coupon, leveraging on the positive sentiment around the country since the sovereign upgrade.
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Union Bank of India has become the latest financial institution to use the qualified institutional placement route to raise capital, as the country’s banks head to the public market to plug their capital shortfalls.
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China Citic Bank Corp rolled out a four-tranche transaction on Thursday after a roadshow spanning Hong Kong, Singapore and London. Meanwhile, India’s ICICI Bank is marketing a 10 year bullet through its Dubai branch.
