Convertible by Gujarat Ambuja Cements re-opens Indian market

Taking the market by surprise at London's opening, Morgan Stanley Dean Witter launched a $90 million credit-enhanced convertible for the country's fourth largest cement manufacturer and its most profitable. Seven hours later at 3pm GMT when the deal was priced, books were said to stand eight times oversubscribed and the underlying stock up rather than down on the day, closing Rp173.7 ($3.75) against Rp169 on opening.