South Asia

India’s equity capital markets are at their healthiest in half a decade, having emerged from an extended period of lacklustre activity. The country’s positive macro story combined with the diversity of companies on offer means the outlook remains bright for 2017. Jonathan Breen reports.

Tata International Singapore has mandated one bank to supply a $110m loan, which will be used to make payments to bondholders.

Tata Sons has forked out Rp24.3bn ($359.8m) for a block of shares in Tata Motors through a reverse bookbuild process, the first of its kind in India.

US based-Novelis, part of Indian company Aditya Birla Group, has lined up a syndicate of 10 lenders to arrange an Asia loan that refinances a $1.8bn US term loan B from last year.

Laurus Labs, the Indian pharmaceutical firm, is on track to raise Rp13.3bn ($197.0m) after it wrapped up bookbuilding on Thursday and was more than 4x covered.

Indonesia’s move to pre-fund its 2017 financing requirements with a bond last week surprised the market. Views are mixed on whether it made the right decision but DCM bankers in the region hope other sovereigns will also look to make an early start on funding plans.

Indian Oil Corp, which sent out a request for proposals at the beginning of November for a five year borrowing to refinance a $300m bridge loan, has mandated one bank for the deal.

Indian pharmaceutical firm Laurus Labs has opened books for an IPO that could raise Rp13.3bn ($195.3m), set to be the year's last big listing in the country.

Two banks are understood to be working on a financing to support Tata AutoComp Systems’ acquisition of an engine cooling supplier.

Infrastructure investment trust (InvIT) India Grid Trust has taken its first step towards going public, submitting a draft red herring prospectus on December 2.

A dual currency acquisition financing for Indian company Intas Pharmaceuticals’ purchase of a portfolio of assets in the UK and Ireland, was launched into senior syndication last week. The trade offers banks two titles, including that of mandated lead arranger and bookrunner.

Malaysia’s sovereign wealth fund Khazanah Nasional has raised Rp5.5bn ($80.4m) after offloading its entire stake in India’s IDFC Bank.