3i Infotech launches FCCB offering of €15 million

Mumbai: Global provider of IT solutions 3i Infotech today announced that it has successfully launched and priced a foreign currency convertible bonds (FCCB) offering of €15 million convertible over a four and a half year period at a 1.5 per cent coupon. The FCCB will be listed on the Singapore Stock Exchange.

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."