Firstsource Solutions completes FCCB Issue of US$ 275 Million

With reference to the earlier announcement dated October 23, 2007 & November 07, 2007 regarding the decision of the Board of Directors for issue of Foreign Currency Convertible Bonds (FCCBs) and launch of the same on November 06, 2007 respectively, Firstsource Solutions Ltd has announced that FCCB issue by the Company of US$ 275 Million has been successfully completed and closed on December 03, 2007 and the subscription monies in respect of the same have been received by the Company.

The FCCBs have a maturity period of 5 years and 1 day and are convertible at a conversion price of Rs 92.2933 per share. The funds will primarily be utilized towards the repayment of the US$ 275 million debt contracted at LIBOR plus 250 bps for its recent acquisition of MedAssist Holdings Inc.

The stock was trading at Rs.69.35, up by Rs.3.25 or 4.92%. The stock hit an intraday high of Rs.73.50 and low of Rs.66.35.

The total traded quantity was 729170 compared to 2 week average of 137907.

Source : Equity Bulls

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