India's Tulip IT issues $125 million convertible

The offering comes after a four-fold increase in the company's share price in 12 months and marks the third Asian CB led by Barclays in a week.

India's Tulip IT Services last night raised $125 million from the sale of five-year convertible bonds that met with good demand from investors.

At a market capitalisation of $600 million, the company is still small compared with better known Indian competitors like Infosys, but it is growing rapidly and its client list includes blue-chip companies like Standard Chartered Bank that are themselves growing. Tulip provides data telecom services and IT solutions, including entire networks, as well as infrastructure management services....

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