indias-tulip-it-issues-125-million-convertible

India's Tulip IT issues $125 million convertible

The offering comes after a four-fold increase in the company's share price in 12 months and marks the third Asian CB led by Barclays in a week.
India's Tulip IT Services last night raised $125 million from the sale of five-year convertible bonds that met with good demand from investors.

At a market capitalisation of $600 million, the company is still small compared with better known Indian competitors like Infosys, but it is growing rapidly and its client list includes blue-chip companies like Standard Chartered Bank that are themselves growing. Tulip provides data telecom services and IT solutions, including entire networks, as well as infrastructure management services.

Investors also liked the fact that the conversion premium was kept at 35%, compared to premiums above 50% on several other recent offerings. The premium was offered in a range of 30% to 35% over...
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