South Asia

India’s National Stock Exchange has formed an official committee to move forward with its plans for a domestic IPO.

A $925m refinancing for Birla Carbon has received commitments from eight banks, taking the total number of incoming lenders to 10. The loan, which has been in syndication for three months, is likely to be allocated in early March.

India raised Rp50.3bn ($739.3m) from a sell-down in NTPC this week as institutional investors pounced on the trade, giving the government’s divestment programme a last minute boost.

State Bank of India has picked banks for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.

Cochin Shipyard is going through pitches from nine local banks for an IPO in India that could raise more than Rp10bn ($147m), with the state-owned firm expected to choose up to three lead managers.

Institutional investors flocked to India’s Rp50.3bn ($739.3m) sell down in NTPC, with the first leg of the trade almost 2x covered, giving the government’s divestment programme an eleventh hour boost.

The Securities and Exchange Commission of Pakistan has named several new members to the board of the Pakistan Stock Exchange (PSX) in a bid to burnish the newly-created bourse’s credentials as a frontline regulator.

India’s National Thermal Power Corp (NTPC) ended an absence of more than a year from the international bond market this week with a tightly priced transaction that left little money on the table for investors.

India’s Cochin Shipyard is set to hear pitches from nine local banks for its more than Rp10bn ($147m) IPO on Thursday, from which the state-owned firm will pick up to three lead managers.

For years market participants have been talking about India’s potential in the international bond market but volumes have always disappointed. While this week’s return of National Thermal Power Corp (NTPC) to dollars have got enthusiasts talking once again, their excitement is likely to be short lived.

The Indian government is selling down a 5% stake in state-owned NTPC that could raise at least Rp50.3bn ($739.3m), giving equity capital markets in Asia a much needed shot in the arm.

Varun Beverages, the flagship of India’s RJ Group, has mandated two local banks for its IPO and is looking to open books by the end of this year, according to a source close to the trade.