Vendanta launches convertible bonds

Anil Agarwal led London based Vedanta Resources launched a convertible bond issue worth $775 million. The issue aims at creating funds to refinance some debts at lower interest rates. The seven year bonds are expected to earn 3.5 – 4.0 percent and can be converted at a premium price of 35-40 per cent. JP Morgan and Stanley are the organizers and book runners of the issue.

 

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