Scandent gets $30mn funding from Merrill unit

Scandent Solutions Corporation has received funding of $30 million (Rs 133.65 crore) from Indopark Holdings, a wholly-owned subsidiary of Merrill Lynch & Company.

According to a release issued by Scandent to the BSE today, the investment is in the form of convertible bonds (CBs) carrying a coupon of 5.22% per annum.

"The CBs will be converted into common shares at Rs 217 per share. Post the imminent merger of the company with its BPO arm, Cambridge Integrated Services, and the conversion of the CBs, Indopark Holdings' stake in the merged entity will be around 5.55%," the release added.

Chris Sinclair, executive chairman and CEO of Scandent, said: "We are very pleased to have a global leader like Merrill Lynch invest in our company. This investment is a vindication of the potential that our merger with Cambridge holds for the company, and will fund our growth in an exciting and expanding outsourcing market place."

Post its merger with Cambridge, Scandent will have combined revenue of close to $275 million per year, more than 3,500 employees, 80 offices and more than 2,000 clients, the release added.