$42 bln lender HDFC hired a record 19 banks to raise $1.9 bln, says IFR. It suggests the issuer is worried liquidity flows might dry up soon as the pandemic burns on. The fee-starved advisors are settling for scraps. Neither is a good sign, says ugalani:
Housing Development Finance Corporation has hired around 19 banks to manage a capital raising of up to 140 billion rupees , Refinitiv publication IFR reported on July 16, calling it “the largest ever syndicate in India's equity capital market”. The Indian lender will raise capital through the issuance of shares, convertible debentures, non-convertible debenture-cum-warrants or foreign currency convertible bonds.
Axis, Bank of America, BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, HSBC, ICICI Securities, JM Financial, Kotak, Morgan Stanley, Motilal Oswal and SBI Capital are among the banks participating, according to the report.
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