State Bank of India SBI

India’s Power Finance Corp, which sent out a request for proposal for a $360m-equivalent yen loan in September, has chosen one bank as mandated lead arranger and bookrunner.

Ashok Leyland is seeking to list its commercial vehicles financing arm, Hinduja Leyland Finance, in an IPO expected to raise around $100m, according to sources close to the transaction.

India is trying to get its life insurers out from between a rock and a hard place by pushing ahead with new legislation to ease the way for their IPOs. The move has been a long time coming, but any marquee public offerings from the country’s life insurance firms are still at least a year away, writes John Loh.

Indiabulls Housing Finance is out with the first large follow-on offering of the post-summer season, with the mortgage lender launching a Rp33.30bn ($500m) deal on Wednesday.

India’s state banks will shoulder the heaviest burden in the industry’s challenge to raise $140bn of new capital over the next four years to meet Basel III regulations, according to Fitch. Public banks face steep medium-term obstacles such as poor balance sheet assets, falling capital generation capabilities and overdependence on state support, it said.

The Reserve Bank of India (RBI) has named two banks as systemically important, which will require the pair to meet more stringent capital requirements from April 2016.

Under pressure from a volatile market, India’s Prabhat Dairy has cut the size of its IPO and extended bookbuilding until the end of the week in a bid to keep the deal afloat. While Prabhat had to pay the price, bankers in the country say their faith in the pipeline has not been shaken, writes John Loh.

Three banks signed Indian refiner Hindustan Petroleum Corp’s (HPCL) latest $250m fundraising on August 21, without syndicating the deal despite plenty of reverse enquiry.

Navkar Corp has opened books on its Rp6bn ($91m) listing in India, with the transaction netting 15 anchor investors who have committed to buy shares at the top of the price range.

Tata Power's subsidiary Khopoli Investments is making a quick return to the loan market, mandating six lenders to arrange a $300m refinancing.

Trio to arrange $500m for SBI — NewOcean Energy returns for $170m — China duo clinch $1.1bn Wuxi take-private loan — Tiphone out for $184m — Kingboard to increase from HK$5bn

State Bank of India has mandated three banks for a new $500m financing, hitting the loan syndication market roughly a year since its previous deal.