South Asia

A $600m loan to support Baring Private Equity Asia’s take-private of Indian software firm Hexaware Technologies has been launched into general syndication, with three banks joining at the top level.

The Indian government is offloading an up-to 10% stake in Hindustan Aeronautics that could add about Rp33.5bn ($451m) to its coffers.

Future Retail made a $14m payment on its outstanding dollar bond this week, narrowly avoiding a default.

Phoenix Mills, an Indian retail mall developer and operator, bagged Rp11bn ($146.7m) in fresh equity this week from a qualified institutional placement.

Indian agricultural company Jain Irrigation Systems has appointed Elara Capital (Asia) Singapore as financial adviser for its dollar bond restructuring.

Metals and mining firm Vedanta Resources’ $1.4bn bond this week took it one step closer to the planned delisting of a subsidiary. But the company took an unusual approach to the deal — a rare bond outing for a take-private in Asia — by offering investors a secured and callable amortising bond. Morgan Davis reports.

Will India ever come to the international bond market? Fears of foreign currency exposure and dissenting voices in the government derailed a planned deal last year. Now is the perfect time to try again.

JB Chemicals & Pharmaceuticals’ $206m loan is open in general syndication, with the proceeds going to support private equity firm KKR’s acquisition of a majority stake in the company.

Mahindra and Mahindra Financial Services has raised Rp30.9bn ($412.4m) after wrapping up an oversubscribed rights issue.

India's placements market is heating up, with new issuers set to raise fresh equity.

InterGlobe Aviation is looking to raise up to Rp40bn ($535.4m) from a placement of new stock.

ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has sent out a request for proposals for an up to $750m loan, just a few months after raising $1bn.