Core Projects raises US$80 million through FCCB issue

Core Projects & Technologies Ltd has announced that the Company has successfully closed its Foreign Currency Convertible Bonds aggregating US$ 80 million (which includes US$ 60 million + US$ 20 million on exercise of Green Shop Option) on May 11, 2007, 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 828.59 per share which is at a 40% premium over the current market price subject to the reset clause as specified in the Offering Circular.

The Company is planning to utilize the proceeds of the issue towards strategic acquisition of Companies especially in the Education, ERP and Logistic domains in Europe and USA.

Further the Company is also planning to set-up "Core Knowledge Centre" to be spread over an area of 175,000 sq. feet in Navi Mumbai.

The stock was trading at Rs.598.90, up by Rs.5.20 or 0.88%. The stock hit an intraday high of Rs.610 and low of Rs.597. The total traded quantity was 3162 compared to 2 week average of 54431.

Source : Equity Bulls

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