indian-companies-tap-the-market-for-700-million

Indian companies tap the market for $700 million

Tata Steel sells $500 million worth of GDRs, while Indiabulls Financial Services raises $200 million from a QIP and Suzlon attempts a $100 million GDR sale.

In terms of number of deals, it wasn't quite as busy as on June 29 when six Indian companies launched follow-on share sales, but the combined size of the three Indian deals in the market last night was on the other hand quite large. Together they were attempting to raise at least $700 million, and including an ambitious upsize option flagged by Tata Steel on its offering, the total proceeds could have increased to above $1 billion.

But the three Indian companies were also competing for investors' attention with Chinese coking coal producer Fushan International Energy Group, which together with its vice chairman sold $339 million worth of shares based on the expected price,...

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