Vedanta brings controversial CB

Commodities group may not have mined strong demand thanks to unusual conversion feature.

Indian metals and mining group Vedanta Resources raised $725 million late on Monday January 23 from the sale of 20-year convertible bonds that received a controversial reception from the CB community. The deal, which includes a $125 million greenshoe, has an unusual conversion feature that made some investors reluctant to participate and the bonds traded down in the over-the-counter market yesterday.

The London-listed group mandated the deal to Barclays Capital, which went on to price it...

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