Rolta India launches tender offer for repurchase of Zero Coupon Convertible Bonds due 2012

Mumbai: Rolta India Limited (the "Company"), has outstanding US$ 150,000,000 Zero Coupon Convertible Bonds due in 2012 convertible into ordinary shares, each of par value Rs. 10.00 (the "Bonds").

The Company has announced its intention to repurchase for cash an aggregate principal amount of the outstanding Bonds in an amount to be determined by the Company at its sole discretion (the "Aggregate Repurchase Amount"), by way of an invitation to holders of Bonds to tender their Bonds for repurchase (the "Invitation to Tender").

The Invitation to tender will take the form of a modified Dutch Auction, with Bondholders being invited to tender their Bonds at a price not less than 78.00 per cent and not exceeding 85.50 per cent of each nominal amount of US$1,000 of Bonds. The Company will determine a single clearing price which will allow it to repurchase the Aggregate Repurchase Amount. Full terms and conditions of the offer are set out in a Tender Offer Memorandum dated June 22, 2009.

The Invitation to Tender will commence on June 22, 2009 and will expire on June 25, 2009, unless extended, re-opened or earlier terminated as provided in the Tender Offer Memorandum. Settlement is expected to be on June 30, 2009.

Eligible Bondholders are advised to read carefully the Tender Offer Memorandum for full details of, and information regarding participation in the Invitation to Tender. Copies of the Tender Offer Memorandum are available from the Tender Agent as set out below. Barclays Bank PLC and Deutsche Bank AG, Hong Kong Branch are acting as Joint Dealer Managers. Deutsche Bank AG, London Branch, is acting as Tender Agent.

The stock was trading at Rs.132, up by Rs.4.05 or 3.17%. The stock hit an intraday high of Rs.133.70 and low of Rs.130.

The total traded quantity was 298762 compared to 2 week average of 2364231.

Source : Equity Bulls

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