Financial Technologies raises USD 100 million by way of FCCBs

Financial Technologies India Ltd has announced BSE that the Company has successfully raised USD 100 million by issuing Foreign Currency Convertible Bonds. The bonds will be listed on the Singapore Stock Exchange. The bonds will be convertible into shares at a price of Rs 2362 per share, i.e. at a premium of 20% to the closing price on December 14, 2006.

A feature of the issue is that the Company has an option to call for mandatory conversion of the FCCBs into equity shares after one year from the date of closing of the issue.

The proceeds of the FCCB issue will be deployed for establishing new development centres in India, for financing new overseas ventures as well as for funding acquisitions abroad.

Commenting on the issue, Mr. Jignesh Shah, Chairman and Managing Director of the Company said "I am pleased with the faith reposed by global investors in the business model of the Company. The option to require mandatory conversion of the Bonds after 1 year demonstrates the confidence of the Management in continuing to grow the business of the Group both internationally and domestically."

Deutsche Bank AG acted as the Sole Bookrunner and Lead Manager to the offering.

Source : Equity Bulls

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