3i Infotech raises euro 30mn via FCCBs

3i Infotech, a global provider of IT solutions, today announced it has successfully launched and priced a foreign currency convertible bonds (FCCB) offering of  euro 30 million (around Rs 170 crore) convertible over a five-year period at a conversion price of Rs. 308.63.

The FCCB will be listed on the Singapore Stock Exchange. The bonds which carry a zero coupon will be convertible at a conversion price of Rs. 308.63 per share, which is at a premium of 25% to the company's closing share price on the National Stock Exchange as on March 26, 2007. The bonds will be redeemable on the expiry of 5 years at a yield to maturity of 6.90%. Lehman Brothers are the sole book-runners for the transaction.