NIIT to raise $50 mn from overseas markets

The board of NIIT has decided to raise about $ 50 million by way of way of issuance of equity linked foreign securities including foreign currency convertible bonds (FCCBs), American depository receipts (ADRs) and global depository receipts (GDRs).

According to an official release issued to the BSE today, the funds raised (with an additional greenshoe option of 25%) in one or more tranches, will be used for pursuing inorganic initiatives in developed countries and requirements related thereto.