Larsen & Toubro completes CB

India''s largest engineering company raises $125 million.

Larsen Toubro returned to the convertible bond market on Monday night with a $125 million convertible via ABN AMRO and Citigroup. The deal had been expected for a while, with launch awaiting the announcement of third quarter results and the stock going ex-dividend following the payment of an extraordinary dividend.

Indian CB's remain a difficult sell to international investors as a result of the terrible performance of deals launched earlier this year. As a result, LT's offering had a very concentrated investor base just 35 accounts and was only just subscribed 1.5 times.

In the deal's favour, it was quite small and backed by...

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