3i Info $100mn FCCB conversion at 10% prem

3i Infotech today announced the conversion price of its zero coupon foreign currency convertible bonds (FCCBs) of $100 million.

According to a release issued to the BSE today, the FCCBs will be converted to shares at Rs 331.87 per share - a premium of 10% to the closing price on the National Stock Exchange on June 25, 2007.

"The FCCBs will be redeemable on the expiry of five years at an yield-to-maturity of 7.05%," the release added. The FCCBs are proposed to be listed on the Singapore Stock Exchange.

V Srinivasan, managing director and CEO of the company said: "3i Infotech has been on a fast-track growth mode looking at achieving leadership position in the BFSI solutions space. We have robust plans for all our business offerings, and the aggregate net proceeds of the FCCB offering will be used to further fuel our expansion plans in the coming years."