South Asia

State Bank of India’s central board has agreed a plan to raise up to Rp150bn ($2.3bn) in the equity capital market, according to a stock exchange filing on Wednesday.

Avenue Supermarts upended the Indian equity capital market with its IPO, pricing the Rp18.7bn ($281m) deal at the top of expectations after receiving $20bn in orders.

India’s divestment department has extended the date by which banks should submit bids for a lead position on a trio of sell-downs in state-owned railway companies.

State Bank of India, which allocated its most recent fundraising only a few weeks ago, is back in the market already for a $500m three year facility. A group of 13 lenders is processing approvals to lead the new deal.

India’s RMZ Corp is looking to spin off its assets into a real estate investment trust (Reit), with the IPO possibly raising some Rp20bn ($305m).

Bharat Petroleum Corp (BPCL) has approached banks for a $150m five year bullet to take out the remainder of a $750m bridge raised through three bilaterals last year.

A group of four lenders are close to clinching the mandate for a financing to support the purchase of a stake in Indian data analytics firm Mu Sigma.

When the Reserve Bank of India brought in guidelines that forced borrowers to hedge shorter-dated debt in a bid to encourage longer-term financing, it was met with an outcry about the feasibility of such a plan. But now that Power Finance Corp is out for a 10 year borrowing and set to receive a strong reception, it appears the central bank’s tough stance is paying off.

The Government of Pakistan’s Privatisation Commission is seeking lead managers and book runners for an IPO of state-owned Gujranwala Electric Power Company (Gepco), according to an announcement on the PC website.

India’s Avenue Supermarts is set to price its Rp18.7bn ($281.0m) IPO at the top of guidance after an explosion of demand on the final day of bookbuilding covered the offer more than 100 times over, according to a banker working on the deal.

Animal feed and agribusiness firm Godrej Agrovet has taken a step closer to its potential IPO, hiring Kotak Mahindra Capital as one of the bookrunners, according to a source familiar with the situation.

State Bank of India will be returning to ECM after a three year hiatus if it obtains board approval next week for a fundraising exercise.