3i Infotech launches FCCB offering of € 30 million

28 Mar 2007

3i Infotech Ltd has priced its foreign currency convertible bonds (FCCB) offering of € 30 million convertible over a five year period at a conversion price of Rs308.63. The FCCB will be listed on the Singapore Stock Exchange.

The bonds, which carry a zero coupon, will be convertible at a conversion price of Rs308.63 per share, which is at a premium of 25 per cent to the company's closing share price on the National Stock Exchange Ltd as on 26 March, 2007. The bonds will be redeemable on the expiry of five years at a yield to maturity of 6.90 per cent.

Lehman Brothers are the sole book-runners for the transaction.

V Srinivasan managing director and CEO, of the company, said, "3i Infotech's strategy over the last few years has been one of consistent growth. This has been achieved through a prudent mix of organic and inorganic growth leading to an expansion of our suite of product and services offerings across geographies. We expect to continue this growth trajectory with the help of the current FCCB. Our third in a one year time frame, this FCCB is also indicative of 3i Infotech's constant expansion plans and commitment to its shareholders."