IFR-India's ILFS plans up to US$406m Singapore trust IPO

Wed Sep 26, 2012 5:36pm IST

SINGAPORE, Sept 26 (IFR) - India's Infrastructure Leasing and Financial Services plans to list its wind power business through an roughly S$400m-$500m (US$325m-$406m) business trust IPO in Singapore.

The IPO is likely in early 2013 and the company has mandated Deutsche Bank, JP Morgan and Nomura as the bankers, a source said. "The issue size is unclear because the company is yet to decide which projects will be part of the trust."

The company's website shows it owns wind power projects totalling around 50MW. ILFS is an infrastructure development and finance company.

State-owned Life Insurance Corporation of India owns a 25.94% stake in ILFS, Japan's Orix Corp 23.59%, Abu Dhabi Investment Authority 11.35% and Housing Development Finance Corp 10.74%. The rest of the stake is owned by other banks and mutual funds.

At present, Ascendas India Trust and Indiabulls Properties are listed as business trusts in Singapore. India's Religare Health Trust is currently pre-marketing its US$400m Singapore business trust IPO at an indicative 8.5%-9% yield.

Earlier this year, Reliance Communications was unable to sell its US$1bn trust IPO in Singapore despite offering a 9.5%-11.50% yield. (Reporting by S. Anuradha)

REUTERS SHOWCASE

WTO Trade Deal

WTO Trade Deal

WTO clinches first global trade deal in its history  Full Article 

Kashmir Attack

Kashmir Attack

Ten dead in Kashmir's worst militant attack in more than a year  Read 

OPEC Meeting

OPEC Meeting

Saudis block OPEC output cut, oil price sinks further.  Full Article 

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

GDP, RBI Preview

GDP, RBI Preview

GDP growth set to weaken, business wants reforms more than rate cut  Full Article | Related Story 

Jaitley to Rajan

Jaitley to Rajan

Jaitley likely to meet Rajan on Monday to urge rate cut  Full Article 

Banking Sector

Banking Sector

India moves to allow more businesses to offer basic financial services.  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage