Financial Daily from THE HINDU group of publications
Thursday, Mar 16, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 16, 2006 |
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Info-Tech
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Preferential Allotments Scandent raises Rs 134 cr Our Bureau
Bangalore, March 15 Scandent Solutions Corporation Ltd has raised Rs 133.65 crore from Indopark Holdings Ltd, Mauritius by allotting convertible bonds on a preferential basis. Indopark Holdings is the fully owned subsidiary of Merrill Lynch & Co Inc. Scandent shareholders had approved this issue of convertible bonds on February 28. The convertible bonds/debentures allotment committee of directors of Scandent on Tuesday allotted the convertible bonds at Rs 217 each, much higher than the prevailing price of Rs 161. With this allotment, Indopark Holdings will approximately get a 5.5 per cent stake in the merged entity of Cambridge Solutions, sources said. Scandent Solutions is in the process of merger with group company Cambridge Services Holdings LLC. Scandent had earlier stated that of the $30 million (Rs 133.65 crore), the company plans to utilise $20 million to repay the debts and the balance to fund its expansion plans. Previously, Scandent had decided to raise Rs 270 crores from ICICI Ventures. The preferential issue to Indopark Holdings is in lieu of the ICICI Ventures investment proposal approved by the Scandent board in October last year.
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