FCCB offering nets $100 mn for 3i Infotech

FCCB offering nets $100 mn for 3i Infotech
PTI
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First Published: Wed, Jun 27 2007. 12 14 AM IST
Updated: Wed, Jun 27 2007. 12 14 AM IST
Global information technology firm 3i Infotech Ltd said on Tuesday that it has raised $100 million (Rs410 crore) through issue of foreign currency convertible bonds (FCCBs) in international markets for funding its expansion plans.
The FCCBs, with a tenure of five years, are proposed to be listed on the Singapore Stock Exchange, the company said in a communique to the Bombay Stock Exchange (BSE).
“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, which is at 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 FCCBs is subject to shareholders’ approval for the proposed increase in borrowing powers.
Shares of the company ended at Rs301.25, down 0.08%, on BSE on Tuesday, against its previous close of Rs301.50.
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First Published: Wed, Jun 27 2007. 12 14 AM IST
More Topics: Money Matters | Bonds |