Core Projects board approves FCCB

Core Projects & Technologies Ltd, India's largest global education company, has on April 15, 2010 launched and priced foreign currency convertible bonds (FCCBs) for an aggregate amount of $60 million (with an additional upsize option of $15 million granted to the sole bookrunner being Standard Chartered Bank).

The company has informed that, the upsize option of $15 million has been exercised by the sole bookrunner, the company said in a BSE filing.

Further, the duly constituted FCCB committee of the board of the directors of the company at its meeting held on May 06, 2010 approved the issuance and allotment of the FCCBs for an amount of $75 million to the investors in accordance with the terms of the offering and the applicable, laws and regulations.

The FCCBs having a maturity of 5 years and 1 day are convertible at an initial conversion price of Rs 271.80 per share (to be adjusted from time to time, as may be applicable). The issue of FCCBs is subject to customary closing conditions.