South Asia

A $1.75bn borrowing for Indian conglomerate Reliance Industries, which entered general syndication at the beginning of February, has wrapped up, with allocations expected to be issued soon.

India’s Housing Development Finance Corp launched a three year and one month Masala bond on Friday, making its return to the offshore rupee-denominated debt market.

India’s Yes Bank is guiding investors to the top of the price range on its latest Rs49bn ($750m) fundraising, after an earlier attempt at a larger share sale was pulled last year due to market volatility.

Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i.

India’s Jindal Steel and Power (JSPL) is negotiating with lenders to extend maturities on syndicated and bilateral loans worth a total of about $760m, according to sources. With commodity prices having come out of last year’s lows, lenders are thawing to the sector but will continue to approach it with caution, writes Shruti Chaturvedi.

The board of directors of India’s Delta Corp has given the go ahead to raise Rp7.5bn ($114.6m) of equity capital using a qualified institutional placement.

United Bank of India has set the floor price for its Rp15bn ($229.1m) qualified institutional placement, which has been in the works for over a year.

State Bank of India and mortgage firm Housing Development Finance Corp are both planning offshore bonds this year, with the former eyeing foreign currency and the latter rupee.

The leads on Indian data analytics firm Mu Sigma’s $400m fundraising have invited lenders to join at the sub-underwriter level, according to bankers.

India’s insurance regulator has come out with guidelines for insurers looking to invest in real estate and infrastructure investment trusts (Reits and InvITs), as the country continues its march towards the introduction of these asset classes.

Reliance Infrastructure’s board of directors has given the go ahead for an up to Rp20bn ($305.0m) qualified institutional placement, according to a stock exchange filing.

A bold £2bn mandatorily exchangeable bond issue for Anil Agarwal, founder and chairman of Vedanta Resources, captured global headlines on Wednesday and Thursday as he used it to buy a stake of about 12% in Anglo American, the mining group.