
Multiple default threat for Indian foreign currency convertible bonds
Crunch time for convertibles

While India’s capital market has found increasing favour among the international investor community, many are unaware of the crisis faced by Indian companies that have issued foreign currency convertible bonds (FCCBs). These are sold offshore with an embedded option to convert to equity at a predetermined conversion price.
FCCBs became the favoured instrument to raise capital for Indian companies during the bull run from 2004 to 2007. Most issuers were on a high growth trajectory and assumed
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