Cbay Closes $ 2.5-M Debenture Issue

Bangalore-based Healthcare BPO firm, CBay Systems Limited, has closed a $ 2.5 million convertible debentures with GMO Emerging Markets Fund. According to a press release from the company, the fresh infusion of funds will be used as a working capital for meeting its $25 million growth target during 2003. V Raman Kumar, chairman, CBay, said,