By Kautilya Shastri
In the first week of May, India Cements raised $75 million by issuing foreign currency convertible bonds (FCCBs) that can be converted into equity at Rs305.57 per share, a premium of 30% over the closing price of Rs235.05 on the National Stock Exchange in Mumbai (NSE). The issue was oversubscribed within a few hours. A fortnight later, India Cements’ share price was down at Rs131, one of the many victims of the brutal sell-off in emerging-market equity in the middle of May.
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