Ranbaxy Labs brings record breaking CB
Fierce competition for mandate results in deal having to be sold below par.
IndiaÆs Ranbaxy Laboratories has raised $440 million, including a $40 million greenshoe, from an aggressively priced five-year convertible bond that will be used for potential future acquisitions and capex.
The five-year deal, which was jointly arranged by Citigroup, Deutsche Bank, Morgan Stanley and UBS, is the second largest CB out of India after HDFCÆs $500 million bond last year and the largest ever from an Indian pharma company.
Ranbaxy is IndiaÆs largest pharmaceutical company and ranks among the...
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