India's Ruchi sells $40 million of foreign currency convertible bonds

By Kenneth Lim

Boston, Feb. 7 - India's Ruchi Infrastructure Ltd. said it priced $40 million of foreign-currency convertible bonds.

SBICAP (UK) was the lead manager of the offering.

The deal was launched on Jan. 31, and closed on Feb. 2, Ruchi said in a statement. Pricing details were not disclosed.

The bonds are convertible into Ruchi's common stock, which trades on the Bombay Stock Exchange.

Ruchi, a Mumbai, India-based operator of storage tank farms, did not say how it will use the proceeds of the deal. It first sought to issue the convertibles in July 2006.

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