Rolta India surged 4.14% to Rs 110.70 at 10:23 IST on BSE after the company announced the successful pricing of 8.875% Senior Notes in the international markets, aggregating to $300 million by its wholly-owned subsidiary, Rolta Americas LLC.
The announcement was made before market hours today, 18 July 2014.
Meanwhile, the S&P BSE Sensex was down 60.72 points or 0.24% at 25,500.44.
On BSE, so far 3.84 lakh shares were traded in the counter as against average daily volume of 6.04 lakh shares in the past two weeks.
The stock hit a high of Rs 111.40 and a low of Rs 106.20 so far during the day.
Rolta India said that the offering of Senior Notes was oversubscribed by more than 8 times with order book of over $2.4 billion with demand from a high quality investor base.
The Notes have tenure of 5 years and are guaranteed by Rolta and its key subsidiaries.
Rolta said that the proceeds from the Notes will be used for refinancing existing debt, to meet working capital requirements and for general corporate purposes. The Notes will be listed on the Singapore Exchange Securities Trading (SGX-ST), Rolta said in a statement.
Commenting on the success of the offering, Mr. K. K. Singh, Chairman and CEO of Rolta said, "We are very pleased to have received such an overwhelming response from investors once again. It is very gratifying that Rolta's business model and its IP-led solutions approach have inspired confidence in some of the world's largest and most sophisticated investors".
Rolta India's consolidated net profit surged 86.06% to Rs 138.82 crore on 46.84% growth in net sales to Rs 1114.78 crore in Q3 March 2014 over Q2 December 2013.
Rolta is a leading provider of innovative IT solutions for many vertical segments, including federal and state governments, defense, homeland security, utilities, oil & gas, financial services, manufacturing, retail and healthcare.
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