Convertible by Gujarat Ambuja Cements re-opens Indian market

The first convertible from India in three years was launched to an enthusiastic audience yesterday (Monday).

Taking the market by surprise at London's opening, Morgan Stanley Dean Witter launched a $90 million credit-enhanced convertible for the country's fourth largest cement manufacturer and its most profitable. Seven hours later at 3pm GMT when the deal was priced, books were said to stand eight times oversubscribed and the underlying stock up rather than down on the day, closing Rp173.7 $3.75 against Rp169 on opening.

Within about 10 minutes of news of this deal breaking,...

To continue reading, please login or register for free

Click for more on: convertible | gujarat | ambuja | cements | reopens | indian | market

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...