Firstsource redeems FCCBs worth $237 mn

Redemption funded from firm's cash reserves, augmented with preferential allotment and external borrowings

BPO service provider Firstsource Solutions today said it has repaid $237 million (Rs 1,291 crore) worth foreign currency convertible bonds.

The company said it had redeemed the outstanding foreign currency convertible bonds (FCCBs) on the due date of December 4, 2012.

The money to redeem the FCCBs was funded by way of the company's cash reserves augmented with the preferential allotment of shares made to Spen Liq Private Ltd and external borrowings, it said in a statement.

"We had proactively embarked on several strategies that would enable us to deal with the FCCB situation. With this financial deleverage of the company, we are now in a stronger position to look ahead and drive strategies to accelerate growth and profitability," Firstsource Solutions Managing Director & Chief Executive Officer Rajesh Subramaniam said.