Stake Sale

Rolta India raises USD 150 million by way of FCCB offering



Posted On : 2007-06-22 00:10:11( TIMEZONE : IST )

Rolta India raises USD 150 million by way of FCCB offering

Rolta India Ltd has announced that the Company has completed an offering of Foreign Currency Convertible Bonds (FCCBs) in the international markets, on the following terms:

The company has issued 1,500 Foreign Currency Convertible Bonds each of US$ 1,00,000 raising a total amount of US$ 150 million.

The Tenor is 5 years and 1 day. The Conversion Price has been fixed as Rs 737.40 per share, representing a premium of 50% over the closing price as on June 21, 2007 on National Stock Exchange.

The Coupon rate is 0% Coupon. The Yield to maturity of the instrument is 6.75% per annum. The bonds will be listed at Singapore Stock Exchange (expected).

The Company has entered into the Subscription Agreement with the Arrangers and Bookrunners, Lehman Brothers International (Europe).

Commenting on this Mr. Kamal K Singh, Chairman & Managing Director, said "We are delighted with the support and confidence of international institutional investors in Rolta's business strategy and vision. This will further strengthen our international operations and facilitate faster growth of Rolta."

Source : Equity Bulls

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