Tulip IT Services Updates on Launch of US$125 million Zero Coupon Convertible Bonds

Tulip IT Services Ltd has announced that the terms for their US$125 million bonds due 2012 have been fixed as follows:

- Initial conversion price is Rs 1,137.22 per share, which represents a 35 percent premium over the volume weighted average price from opening of trade to pricing of Rs 842.387 on the National Stock Exchange of India Ltd.

- The yield to maturity has been set at 7.375 per cent.

- The Bonds will be redeemed 144.506 per cent of par on August 26, 2012 (if not previously converted, redeemed or purchased and cancelled).

The Lead Manager has an option to increase the issue size by an additional US$25 million.

Source : Equity Bulls

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