South Asia

Indian solar power company SB Energy pulled its planned dollar bond late on Monday after grappling with a soft market backdrop and investor demand for a juicy premium.

A slew of Indian banks are turning to additional tier one and tier two instruments to raise their capital levels. But an expensive international debt market means the majority of the issuance is likely to take place onshore in rupees.

Punjab National Bank has proposed raising up to Rp70bn ($931.1m) from an issue of primary equity capital.

Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has filed preliminary IPO documents with India’s securities regulator for a listing.

ICICI Bank has got the go-ahead to raise up to Rp150bn ($2bn) in its first tap of the equity capital market in over 13 years.

Four banks are set to sign the mandate letter for a $210m loan to support private equity firm KKR’s acquisition of India’s JB Chemicals & Pharmaceuticals.

A handful of Indian financial institutions have become the latest fallen angels, as pressure on the country’s economy and firms’ asset quality rises.

India’s Mu Sigma, a data analytics firm, has kicked off an up to $100m loan in general syndication, after receiving commitments from three banks ahead of launch.

The Asian Infrastructure Investment Bank has approved loans totalling $1.2bn to India and Pakistan to help the two countries combat the Covid-19 pandemic.

JP Morgan has picked two of its own staff to fill newly-created posts as co-heads of investment banking across the Asean region.

The board of India’s Shriram Transport Finance has approved a plan to raise up to Rp40bn ($525.5m) in fresh equity.

State Bank of India is on track to raise about Rp15.6bn ($204.7m) from an offer-for-sale of shares in its life insurance arm.