Case Name :      Tata Steel Limited: Convertible Alternative Reference Securities

Authors :           Vasant Sivaraman, Adithya Anand

Source :             Ivey Publishing

Case ID :            908N01

Discipline :        Finance

Case Length :    17 pages

Solution Sample availability : YES

Plagiarism : NO (100% Original work)

Shortly after the acquisition of Corus in 2007, Tata Steel Limited entered the international markets with a convertible bond offering (CARS) that had distinct features. The offering of US$875 million was the first of its kind from India. The successful issuance reflected investor confidence in the country and the company. This case covers a full analysis of the CARS with a scope that spans valuation, structuring of the financing instrument to suit the issuer’s strategic imperatives and investment analysis.