Jaiprakash Power Ventures, a developer and operator of hydroelectric power projects in India, yesterday raised $200 million from the sale of five-year convertible bonds. The deal attracted a lot of attention, both because of the timing -- it was launched late Tuesday as India was closed for a holiday and after a difficult day in other Asian markets -- and because it was re-offered below par.
The company had wanted to do a transaction for some time and several banks were sounding out the market for a deal after the company's board of directors on Monday approved the issuance of Rs25 billion $537 million worth of new shares and CBs. However, given the market environment...
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