3i Infotech launches FCCB offering of €15 million
06 Oct 2006
The bonds will be convertible at a conversion price of Rs190 per share, which is at a premium of 15 per cent to the company's closing share price on the National Stock Exchange Ltd. as on September 20, 2006. The Bonds will be redeemable on the expiry of four and a half years at a yield to maturity of 5.80 per cent.
Commenting on this V Srinivasan, managing director and CEO, 3i Infotech, said, "Given the rapid growth that we have been witnessing in terms of our revenues and area of operations, this second FCCB is a means for us to grow further. The proceeds of the FCCB offering will be used in order to expand our international operations."