After a gap of 18 months with no issuance, the Indian convertible bond market sprung back to life with two deals on Thursday last week. Welspun Gujarat Stahl Rohren, a manufacturer of steel pipes for energy transportation, raised $130 million from a five-year CB that was upsized from $110 million and Sesa Goa, an iron ore mining company based in Goa, raised $500 million, also from a five-year deal.
The Sesa Goa deal attracted a lot of attention with some observers saying they felt the deal may have been too aggressively priced for an issue that was meant to re-open the market after such a long hiatus. Contrary to Welspun and SJM Holdings see separate...
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