Hong Kong-listed Chaoda Modern Agriculture has raised $356 million from a combined sale of new shares, convertible bonds and warrants that it said it will use to expand existing production areas and to establish new ones in different parts of China.
The deal, which was initially offered as a package to a small group of 10-15 anchor investors but later opened up to a wider audience, attracted attention partly because the $200 million CB portion looked cheap or at least very attractive for investors. Or how else can one describe a CB that can be converted into equity at a discount to the latest closing price
It ended up at a discount because the conversion...
¬ Haymarket Media Limited. All rights reserved.
