South Asia

Canara Bank has waived through a plan to raise new equity to the tune of Rp60bn ($830m) from a qualified institutional placement.

Indian property lender Aavas Financiers wrapped up a three-day offer period for its Rp17.34bn ($239.2m) IPO on Thursday with just 97% of the deal covered.

Indian electricity utility firm Tata Power has mandated five banks to lead a $245m borrowing, ending a two year hiatus from the offshore loan market.

Embassy Office Parks Reit filed for India’s first property trust this week, pushing ahead with an IPO that has been in the works for years. The joint venture of Blackstone and its local partner will be hoping to exorcise the ghosts of infrastructure investment trusts (InvIt) past, with the pressure on for a successful outcome. John Loh reports.

The London Stock Exchange Group (LSE) and the National Stock Exchange of India (NSE) have signed a memorandum of understanding to work together to create a dual-listing route for Masala bonds in the hopes of giving a fillip to the asset class.

Allahabad Bank is looking to make its first outing to the equity capital market since 2005 to raise some Rp15bn ($208m).

India’s Azure Power Global is in the market for a $185m capital increase that will be priced before its New York Stock Exchange-listed shares resume trading on Friday.

State Bank of India sold its debut green dollar bond through its London branch on Wednesday, reopening the market for the country’s issuers. But despite being a strong credit, the bank didn’t have an easy time marketing its notes against a volatile backdrop, as sceptical investors demanded a premium for emerging market risk. Morgan Davis reports.

CLSA has made two senior appointments to its fixed income and debt capital markets teams in Asia Pacific.

Indian property lender Aavas Financiers has set the terms for its IPO as it reaches for up to Rp17.34bn ($239.5m) in total proceeds.

The Indian government has put in place new initiatives to attract capital and curb the country’s expanding deficit, including easing fundraising through overseas bonds and loans, which market watchers say are small but important steps.

India’s Yes Bank has closed a $400m borrowing, attracting four participants during syndication.