Blackstone and GIC execute rare Asian dividend recap

Blackstone and Singapore's Government Investment Corporation broke new ground for Asia's private equity industry on Tuesday after using the bond markets to raise funds for a dividend recapitalisation in Indian outsourcing company MphasiS.  Dividend recaps are a fairly widely used tool in the US and Europe, enabling PE sponsors to take money out of their acquisitions without diluting their stakes. As such, they have been fairly controversial since loading up companies with debt to …