Mahindra & Mahindra issues $200 million CB

Positive equity story attracts strong demand, but investors getting sensitive on price
Indian automotive and farm equipment maker Mahindra Mahindra Ltd has raised $200 million from a convertible bond that was well received in the market and also showed signs of both the issuer and the banks taking a less aggressive approach to pricing than on some other recent Indian CBs.

ABN Amro Rothschild, Citigroup and Morgan Stanley were joint underwriters for the deal, which was launched only one day after the companyÆs board of directors approved the fund raising exercise.

The deal, which was priced in the early hours of Friday morning April 7, attracted about 50 investors, some of whom put in very large orders of about $50 million each. The order book ended...
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