Bharat Forge, one of India's largest auto components manufacturers and the world's second largest auto forging company, raised $210 million from a combined GDR and convertible offering on Friday. The Citigroup and JPMorgan led deal was split into a $90 million GDR with a $10 million greenshoe and two $60 million convertibles.
Roadshows for the GDR had started the previous Friday, while the two convertibles were launched on Thursday in Asia - a day when the Indian markets were closed - and priced on Friday. All three transactions had to contend with a weakening Indian equities market and a global equity-linked sector that remains severely depressed. Year-to-date, there have only...
