3i Infotech Ltd issues FCCBs

As recommended by the Board of Directors of 3i Infotech Ltd (the "Board") in its meeting dated February 11, 2016, the FCCB Committee of the Board at its meeting held on July 05, 2016 has approved the issue of foreign currency convertible bonds of up to US$ 52,000,000 ("New Bonds") to the existing bondholders of the Company, in exchange for the existing foreign currency convertible bonds, i.e., US$ 125,356,000 5 per cent, convertible bonds due 2017 (the "5% Bonds") and US$ 2,435,000 4.75 per cent, convertible bonds due 2017 (the "4.75% Bonds", and together with the 5% Bonds, the "Existing Bonds").

The committee approved the amendment to the terms of the Existing Bonds (to the extent not exchanged pursuant to the exchange offer).

The New Bonds will be listed on Singapore Exchange Securities Trading Limited and the FCCB Committee has decided to open the Issue on July 05, 2016. The floor price for the conversion of the bonds shall be Rs. 10 (the face value).

The Company has also issued notices to convene a meeting of the holders of the Existing Bonds on July 27, 2016 for approving the aforesaid amendments to the terms of the Existing Bonds.

Shares of 3I INFOTECH LTD. was last trading in BSE at Rs.5.11 as compared to the previous close of Rs. 5.07. The total number of shares traded during the day was 586547 in over 447 trades.

The stock hit an intraday high of Rs. 5.15 and intraday low of 5.06. The net turnover during the day was Rs. 2996921.

Source : Equity Bulls

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