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Our Bureau

Mumbai, March 3

3i Infotech Ltd has raised $50 million through an issue of foreign currency convertible bonds.

This is the first FCCB issue ever by an Indian company in the information technology industry, said a spokesperson for the company.

The zero coupon bonds will be convertible at Rs 230 per share, which is at a 33 per cent premium to the company's closing price of Rs 172.85 a share on the BSE on Thursday. They are convertible into equity shares at the option of the bond holders. They are redeemable on the expiry of five years at a YTM of 6.8 per cent per annum.

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3i Info raises $50 m thru FCCBs

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