South Asia

IDBI Bank has got the greenlight from its board of directors to raise up to Rp60bn ($807.3m) in fresh equity.

Indian software firm Hexaware Technologies has wrapped up a $600m loan to fund its take-private by Baring Private Equity Asia.

Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has won approval for its IPO from India’s securities regulator, according to a source close to the deal.

Metals and mining company Vedanta Resources has returned a $1.75bn loan and redeemed a $1.4bn bond after its plan to delist its Indian subsidiary failed to attract enough support.

Dual recourse structures have become increasingly popular in India after last year’s debut from Kogta Finance. And with the sanctity of bankruptcy remoteness successfully tested in the courts, sentiment towards such structures has improved further. This could help pave the way for a national champion bank to test appetite for Indian covered bonds, which would offer the country's lenders a source of long-term diversified funding that they can't get from deposits.

ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction.

ReNew Power, an Indian solar and wind power producer, is looking to the US for a potential IPO, according to a source familiar with the matter.

JSW Steel sold a $500m bond on Monday, but the issuer paid some 30bp of premium to close the trade.

Indian borrowers are finally returning to the offshore loan market after months of little to no action. But even as a pipeline builds, bankers remain wary of challenges around execution. Pan Yue reports.

Indian conglomerate Reliance Industries has made a quick return to the loan market, raising a $1bn facility to refinance a bond maturing later this month.

ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has picked six banks for a $700m borrowing.

Brookfield Asset Management is readying the IPO of its Indian real estate investment trust, which could raise up to Rp38bn ($519m) in primary proceeds.