Tulip IT Services today announced the conversion price of its zero coupon foreign currency convertible bonds (FCCBs) of $125 million.According to a release issued to the BSE today, the FCCBs will be converted to shares at Rs 1,137.22 per share - a premium of 34% to Rs 848, the closing price of the company's scrip on the BSE on June 26, 2007.The yield to maturity has been set at 7.38% and the bonds will be redeemed 144.51% of par on August 26, 2012 (if not previously converted, redeemed or purchased and cancelled), the release said.The lead manager has an option to increase the issue size by an additional $25 million, the release added.
