South Asia

The Indian government has done an about-turn on plans to introduce higher taxes on foreign portfolio investors as it finds ways to boost sentiment in the market. Experts reckon the finance ministry “misjudged” the state of things in India, and scrapping the tax will give a much-needed impetus to the country’s equity capital markets. Rashmi Kumar reports.

The first IPO on the Bombay Stock Exchange’s new startup board is fully covered. Indian software consulting company Alphalogic Techsys has raised Rp61.8m ($862,000) from the listing.

Credit Suisse has added two new bankers to its investment banking and capital markets team (IBCM) in India.

Indian company Alphalogic Techsys kicked off bookbuilding for its IPO on Monday and is on track to become the first listing on BSE’s new startup board.

The Indian government is preparing to make its final pick of bookrunners for the divestment of its stake in railway construction firm Ircon International.

A $170m loan supporting Blackstone’s acquisition of Essel Propack (EPL) has been launched into general syndication, attracting two lenders already.

SBI Cards and Payment Services, the credit card subsidiary of State Bank of India, has invited investment banks and lawyers to submit proposals to work on its IPO.

Ujjivan Small Finance Bank is readying an IPO of up to Rp12bn ($167.9m), having filed a preliminary "red herring" prospectus with India’s securities regulator.

India’s Yes Bank has raised Rp19.3bn ($271.2m) after issuing a block of primary shares.

Housing Development Finance Corp has made a quick return to the syndicated loan market for a $200m borrowing, five months after it sealed a Samurai loan.

The Indian government has sent out a pair of request for proposals for banks to lead the IPOs of FCI Aravali Gypsum and Minerals India (Fagmil) and Telecommunications India (TCIL).

Spanish impact fund Magallanes Impacto and India’s Northern Arc Capital’s joint investment in a Rp1.06bn ($15m) ‘pooled bond’ transaction highlighted foreign investors’ interests in India’s non-banking financial companies (NBFCs), as cash-strapped lenders look for alternative sources of funding. Addison Gong reports.