South Asia

India’s Reliance Industries signed its $1.47bn dual-currency loan at the end of last week in Dubai, with the deal sealed following commitments from a group of around 30 lenders.

Housing Development Finance Corp (HDFC) has picked five banks to work on India’s first offshore rupee-denominated, or Masala bond, with the deal expected to launch as early as next week.

India's IDBI Bank is looking to issue the second dollar-denominated green bond from the country, taking bids for a five year offering on November 23.

Birla Carbon, part of India’s Aditya Birla Group, has opened its $925m refinancing into general syndication via five mandated lead arrangers and bookrunners.

Fiat’s Indian arm has approached lenders for a $250m loan to fund projects in the country. The deal is one of the few offshore fresh money borrowings from India this year.

India’s Cabinet Committee on Economic Affairs (CCEA) has given the go-ahead for the divestment of a 10% stake in Coal India, in a deal which would help the government rake in as much as $3bn.

Videocon Hydrocarbon, which has activities in upstream oil and gas, is tapping the loan market for a $75m three year refinancing. An aggressive margin cut compared with the loan the company is refinancing has caught the eye of bankers, especially when its sector and the financial health of its parent is taken into account. Shruti Chaturvedi reports.

Videocon Industries is looking to switch bondholders out of a $200m 6.75% convertible bond maturing in December via an exchange offer of cash and the issuance of a new CB.

Videocon Hydrocarbon, which engages in oil and gas exploration, is tapping the loan market for a $75m three year facility and is counting on a standby letter of credit to attract liquidity.

Mahanagar Gas has filed a draft red herring prospectus with the Securities and Exchange Board of India for an IPO, with the deal expected to raise some Rp10bn ($152m) in the first quarter of next year.

Sri Lankan conglomerate John Keells has finally signed its $395m resort financing that spent nearly a year in syndication. The facility was delayed after the country’s new government changed rules on casino licences, which meant banks had to rethink the loan to take into account the absence of casino revenues.

London Stock Exchange Group (LSEG) and India’s Yes Bank have signed a memorandum of understanding to work together on bond and equity issuance, with a special focus on green infrastructure finance.