Jaiprakash CB prompts sharp drop in share price

The industrial conglomerate raises $150 million and becomes the first Indian company to issue a convertible bond in five months. But questions about the use of proceeds and the timing of the deal cloud the offering.
<div style="text-align: left;"> A young Indian boy celebrates Independence Day earlier this month. Indian CBs have been few and far between so far this year (AFP) </div>
<div style="text-align: left;"> A young Indian boy celebrates Independence Day earlier this month. Indian CBs have been few and far between so far this year (AFP) </div>
August 30, 2012

Jaiprakash Associates, an Indian industrial conglomerate, has raised $150 million from a five-year convertible bond that it said it will use towards the redemption of a larger outstanding CB that matures on September 12.

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