In your conversion settings have look at
Look&Feel - Fonts tab: Minimum line height. It may be set to the default of 1.2%. I have mine disabled, i.e. set to 0.0%. This is the explanatory ToolTip:
Quote:
The minimum line height, as a percentage of the element's calculated font size. calibre will ensure that every element has a line height of at least this setting, irrespective of what the input document specifies. Set to zero to disable. Default is 120%. Use this setting in preference to the direct line height specification, unless you know what you are doing. For example, you can achieve "double spaced" text by setting this to 240.
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