Financial Daily from THE HINDU group of publications
Saturday, Sep 17, 2005
Financial Daily from THE HINDU group of publications Saturday, Sep 17, 2005 |
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Info-Tech
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Overseas Borrowings Megasoft raises $8 m from FCCB issue Our Bureau
Hyderabad , Sept. 16 MEGASOFT Ltd has raised $8 million by issuing an FCCB (foreign currency convertible bonds) to non-resident Indian (NRI) investors. The proceeds from this issue will be used for expanding business, upgrade offshore development centres, research and development capability and for strategic investments. Following a board meeting held today, they allotted 8,000 1.5 per cent unsecured FCCBs of $1,000 each aggregating $8,000,000 due 2008 to non-resident investors. The FCCBs will be listed on Luxembourg Stock Exchange. The issue was fully subscribed and the FCCBs are convertible into equity shares at Rs 115 per share resulting in issue of fresh equity shares to be determined based on the applicable foreign exchange rates as per the conversion terms. Mr V. Balasubramanian has been appointed as the Chief Financial Officer of the company. Prior to this he was with GMR Group of Companies.
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