India's Essar Oil sells $166 million convertibles; Essar Shipping sells $47 million convertibles

New York, Feb. 1 - Essar Oil Ltd. said it priced $166 million of convertible bonds while Essar Shippping Ltd. priced $47 million.

Essar Oil's deal was priced at par and proceeds will be used to help finance an oil refinery at Vadinar, in Gujarat, India.

Essar Shipping's deal was also priced at par and proceeds will be used to help finance an oil terminal at Vadinar, in Gujarat, India.

Essar Group, the parent of both companies, is a Mumbai, India, diversified manufacturing and service conglomerate.

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