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3i Infotech raises $100 mn via FCCB

3i Infotech raises $100 mn via FCCB
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First Published: Tue, Jun 26 2007. 10 54 AM IST
Updated: Tue, Jun 26 2007. 10 54 AM IST
PTI
Mumbai: Global information technology firm 3i Infotech said on 26 June it has raised $100 million (Rs410 crore) through issue of five-year foreign-currency convertible bonds (FCCBs) in international markets for funding its expansion plans.
The FCCBs are proposed to be listed on the Singapore Stock Exchange, 3i Infotech said in a communique to the Bombay Stock Exchange.
“We have robust plans for all our business offerings and the aggregate net proceeds of this FCCB offering will be used in order to further fuel our expansion plans in the coming years,” 3i Infotech managing director and CEO V Srinivasan said.
The FCCBs would be convertible at Rs331.87 per equity share, or a premium of 10% to its closing price on the National Stock Exchange as on 25 June.
Lehman Brothers International (Europe) is the sole book-runner for the transaction.
The issue of the FCCBs is subject to shareholders’ approval for the proposed increase in borrowing powers.
Shares of the company were trading at Rs304.75, up 1.08% on the BSE in early morning trade.
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First Published: Tue, Jun 26 2007. 10 54 AM IST