Geodesic Information Closes FCCB Issue

Geodesic Information Systems Ltd has announced that the Company has successfully closed the issue of its Foreign Currency Convertible Bonds aggregating US$ 125 million on January 17, 2008 with Citigroup as the Sole Book Running Lead Manager to the issue.

The conversion of the said bonds will take place at an initial conversion price of Rs 302.27 per share which is at a 35% premium over the closing price on January 10, 2008, the day on which issue was launched, with a fixed rate of exchange on conversion of Rs 39.13-USD 1, subject to the reset clause as specified in the Offering Circular. The Company intends to use the proceeds from the issue of the Bonds for overseas acquisitions and investments in joint ventures/wholly owned subsidiaries.

Approval in-principle has been obtained from the Singapore Exchange Securities Trading Ltd (the "SGX-ST") for the listing and quotation of the Bonds on the Official List of the SGX-ST. Such approval will be granted when the Bonds have been admitted to the Official List of the SGX-ST, which is currently expected to be on or around January 18, 2008.

Admission of the Bonds to the Official List of the SGX-ST and quotation of the Bonds on the SGX-ST and the above approval in-principle of the SGX-ST is not to be taken as an indication of the merits of the Company, its associated Companies or the Bonds.

Source : Equity Bulls

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