cb-from-a-little-known-indian-company-ends-dry-spell

CB from a little known Indian company ends dry spell

Financial Technologies, the founder of India's Multi Commodity Exchange, raises $100 million from its first convertible bond issue to finance expansion of core businesses.

By Sameera Anand

December 17, 2006

In the first significant convertible bond deal from India since the summer, Financial Technologies achieved attractive pricing on a $100 million convertible.

Financial TechnologiesÆ success is more notable because the company is not under active research coverage by most international brokerage houses. Observers commented that the company, which has a 64% stake in the Multi Commodity Exchange MCX, is almost a proxy play on the Indian commodities market.

Selling software stocks out of India nowadays is generally quite easy as past performance has led investors to be bullish on prospects in this industry. Noteworthy however that Financial Technologies is not a name which is well-known globally and the company achieved pricing at the top...

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