South Asia

India’s securities regulator has proposed slashing the minimum required share offering of large IPOs, helping the country’s biggest companies comply with listing rules.

Lakshmi Vilas Bank is set to merge with DBS Bank’s operations in India, under a central bank plan to save the cash-strapped local lender.

Blackstone is working on the financing for a potential acquisition of India’s Piramal Glass. Although the deal is still in its early stages, international banks are facing competition from cheap onshore liquidity. Pan Yue reports.

Pakistan’s Ministry of Finance and Revenue has raised a $370m syndicated loan from a group of 10 banks.

Gland Pharma has completed India’s largest pharmaceutical IPO, a Rp65bn ($870.6m) deal that sailed through on demand from institutional accounts. But the issuer’s Chinese ties and a wobble in pharma stocks blunted retail investor interest. Jonathan Breen reports.

Sameer Chandra, regional head of loan syndications for south Asia at Standard Chartered, has passed away.

Gland Pharma, a subsidiary of Chinese conglomerate Shanghai Fosun Pharmaceutical Group, has started bookbuilding for its Indian IPO, set to be the largest pharmaceutical listing in the country.

India’s Emcure Pharmaceuticals has returned to the loan market after four years, seeking a small amount of $34m.

UBS has tapped Uday Odedra as its new India country head, effective next year.

India’s JB Chemicals & Pharmaceuticals has wrapped up a $206m loan to support KKR’s acquisition of a majority stake in the company.

The island nation of the Maldives received a fresh blow this week after Fitch Ratings downgraded the country by three notches to CCC due to external liquidity pressure and increasing debt burden.

Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has set the final terms for its Rp64.8bn ($866.5m) IPO in India.