Educomp Solutions succesfully completes US$80 million FCCB issue

Educomp Solutions Ltd has announced that the Company had Successfully Completed the issuance of its zero coupon bond Convertible Bond Issue amounting to US$ 80 million.

The terms for their US$ 80 million bonds due 2012 ("Bonds") have been fixed as follows:

- initial conversion price is Rs 2949.83 per share,

- the yield to maturity has been set at 7 per cent (semi annual basis);

- the Bonds will be zero coupon per cent,

- due date for redemption is July 26, 2012;

- Redemption price, at maturity is 141.087%

Application will be made for the Bonds to be listed on the Singapore Exchange Securities Trading Ltd and for in-principle approval for the shares to be issued upon conversion of the Bonds to be listed on the National Stock Exchange of India Ltd (NSE) and the Bombay Stock Exchange Ltd (BSE). On June 08, 2007, the Company has issued a notice seeking the approval of its shareholders for the issue of the Bonds and for issue of the Shares to be issued upon conversion of the Bonds by way of a postal ballot process. The result of the postal ballot is expected to be published on July 12, 2007 and the closing of the issue of the Bonds will be conditional upon such approval being duly given. Barclays Capital is the Sole Book-runner and Lead Manager for the offering. Bank of India is the Financial Advisor to the issue.

Source : Equity Bulls

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