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What is Understanding Foreign Currency Convertible Bonds about?
L&T, an Indian engineering and construction company, raised $600 million through the issuance of qualified institutional placements (QIPs) and foreign currency convertible bonds (FCCBs). The QIP raised $400 million at a 1.1% discount to market price, while the FCCBs raised $200 million at a 15% premium to the base price and will mature in 2014. The funds will be used for growth capital and to take advantage of upcoming infrastructure opportunities. While the issuance only partially addresses L&T
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