Hindustan Construction bags $200 million from GDRs, CB

Investors still keen on company despite share price increase of 350% in 12 months.
Hindustan Construction has raised $200 million split evenly between a GDR and convertible bond. The combined deal was jointly arranged by JPMorgan and UBS and attracted investors keen to buy into one of IndiaÆs largest civil construction and engineering companies.

According to one observer some investors that had previously invested in the company, but got out early on, were returning to a stock that has outperformed IndiaÆs already high-flying benchmark index by more than 3.5 times over the past 12 months.

Due to some recent volatility in the share price though, the 26.95 million GDRs û each accounting for one share û were marketed to investors without any indicated price or discount range,...
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