South Asia
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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.
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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.
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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.
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Pakistan’s Ministry of Finance and Revenue has raised a $370m syndicated loan from a group of 10 banks.
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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.
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Sameer Chandra, regional head of loan syndications for south Asia at Standard Chartered, has passed away.
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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.
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India’s Emcure Pharmaceuticals has returned to the loan market after four years, seeking a small amount of $34m.
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UBS has tapped Uday Odedra as its new India country head, effective next year.
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India’s JB Chemicals & Pharmaceuticals has wrapped up a $206m loan to support KKR’s acquisition of a majority stake in the company.
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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.
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Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has set the final terms for its Rp64.8bn ($866.5m) IPO in India.