South Asia

India’s Motherson Sumi Systems has increased the size of its qualified institutional placement to Rp20bn ($300m) on the back of strong investor interest, despite hitting the market immediately after Yes Bank pulled its transaction.

Asia’s oldest bourse, the Bombay Stock Exchange, has taken a step closer to its highly anticipated IPO, while IRB Infrastructure Developers is preparing to launch India’s first infrastructure investment trust.

Yes Bank has pulled what could have been India's largest qualified institutional placement this financial year, citing extreme volatility in the market.

State Bank of India has mandated seven firms to arrange a dollar-denominated bank capital additional tier one offering — the first deal of its kind from the south Asian country.

Twelve banks, including bulge brackets like Goldman Sachs and Morgan Stanley, are jockeying for pole position on Specified Undertaking of the Unit Trust of India’s (Suuti) planned sell downs.

India’s Yes Bank has bagged as much as Rp66.3bn ($996.7m) from a qualified institutional placement (QIP), the largest so far in the country’s financial year.

Indiabulls Housing Finance raised Rp13.3bn ($200m) from its maiden Masala bond on Wednesday. The trade was the third public offshore rupee deal from an Indian name and more companies from different sectors are set to follow suit, reckon bankers.

Indiabulls Housing Finance is looking to raise a minimum of Rp10bn ($150m) from its maiden Masala bond, becoming only the third Indian corporate to seek offshore rupees in the public market.

Housing Development Finance Corp, which became the first Masala bond issuer from India in July, has made a comeback to the market with a tap of its existing note.

L&T Technology Services’ float could raise as much as Rp9bn ($134.7m) in India, with the company setting the price range for the IPO at Rp850-Rp860 a share.

Two Indian companies are vying for the UK and Ireland assets of Israeli firm Teva Pharmaceutical Industries and have lined up loan packages to back their bids. Although the results are still some way off, credit starved bankers are excited about the prospects of financing a sizeable acquisition out of India, writes Shruti Chaturvedi.

The Province of British Columbia will dip into the Masala bond market for the first time with a January 2020 bond on Thursday.