first-convertible-this-year-comes-from-india

First convertible this year comes from India

Citigroup brings $60 million deal for Era Constructions with forward pricing structure.

By Anette Jönsson

January 17, 2007

Era Constructions India became the first company to raise money from a convertible bond in 2007 when it completed a $60 million five-year, zero-coupon issue through Citigroup early yesterday morning. There is a greenshoe that could lift the issue size to $75 million if demand in the secondary market holds up.

The fact that the bond comes from an Indian company is an encouraging sign for market participants as it suggests the long period with virtually no equity-linked issuance from this country following the correction in the secondary market in May last year has now ended. This was the second CB by an Indian issuer in four weeks after Financial Technologies raised $100 million in...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222