Punj Lloyd issues CB two months after IPO

Construction companys says need for cash is triggered by surge in new orders.

Indian construction and engineering contractor Punj Lloyd has sold $125 million worth of convertible bonds less than two months after its successful domestic listing and only one day after the board of directors gave the company the nod to raise up to Rs10 billion $226 million through debt or equity.

The deal was led by Citigroup Global Markets, which was also one of the five underwriters for the IPO.

The need for additional funds so soon after the Rs6.42...

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