Technology solutions provider for capital, commodities and forex markets, Financial Technologies India has raised around Rs 450 crore (Rs 4.5 billion or $100 million) through the issue of foreign currency convertible bonds to be listed on the Singapore Stock Exchange.
The FCCBs would be convertible into shares at a price of Rs 2,362 per share, which is at a premium of 20 per cent to the closing price on December 14, the company informed the Bombay Stock Exchange.
The company has an option to call for mandatory conversion of the FCCBs into equity shares after one year from the date of closing of the issue.
"The option to require mandatory conversion of the bonds after one year demonstrates the confidence of the management in continuing to grow the business of the group both internationally and domestically," Financial Technologies Chairman and Managing Director Jignesh Shah said.
The proceeds of the FCCB issue would be deployed for setting up new development centres in India, for financing new overseas ventures as well as for funding acquisitions abroad.
Earlier in October, the board had approved the proposal to raise funds through international or domestic offering of securities of upto $500 million, in one or more tranches, to fund the expansion plans of the company.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group