Indian Hotels prices CB

Luxury hotel group completes debut convertible.

The Asian CB market gained welcome diversity yesterday (Tuesday) with the pricing of a $135 million convertible for Indian Hotels via Citigroup, Merrill Lynch and Morgan Stanley. Citi and Merrill were also lead managers of a $100 million deal for sister company Tata Engineering & Locomotive (Telco), the last convertible to hail from India in July 2003.

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