Redemptions will put pressure on Indian CB issuers

As the first of India's convertible bonds inch towards maturity, some Indian companies may face a bill that they never expected.

When convertible bonds landed on Indian shores nearly five years ago, it was a product greeted with much enthusiasm it offered issuers another route to raise the capital that they needed to nourish their rapidly expanding businesses and it provided investors with another way to participate in the exciting Indian growth story. A big attraction for issuers was the cheap credit on offer, which many thought they would never have to pay back since they expected the CBs to convert...

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