sesa-goa-and-welspun-reopen-indias-cb-market

Sesa Goa and Welspun re-open India's CB market

Welspun Gujarat raises $130 million, while Sesa Goa sells $500 million worth of CBs, putting India back on the radar screen after 18 months with no CB issuance.

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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222