IFR-India's ILFS plans up to US$406m Singapore trust IPO
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)
- Tweet this
- Share this
- Digg this
- Alabama man claims penis was amputated by mistake
- UPDATE 4-Liberian man in Lagos being tested for Ebola
- 'Weird Al' Yankovic still trying to wrap head around No. 1 album
- Asian economies to struggle on weak export demand - Reuters poll
- UPDATE 2-U.S. says Russia firing artillery over border at Ukraine military
India will find it difficult to support new global customs rules without "an assurance and visible outcomes" that a permanent solution is being negotiated over its concerns about public food stockholdings, the trade minister said on Friday. Full Article