Tata Motor returned to the Indian CB market for the first time in nearly a year yesterday Monday with one of the most expensive equity-linked offerings by an Asian company in recent memory.
Its achievement was considerable given that at $400 million the issue size represents two-thirds of all Indian issuance since 2001. There have been just six deals and only one has topped $150 million. It is the largest deal on record.
What Tata's deal has is rarity value, blue chip status and first mover advantage ahead of a growing pipeline of Indian companies planning to tap the equity-linked market. Specialists say investors' desperation to play the Indian equity market...
