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Our Bureau

Mumbai , Dec. 15

Financial Technologies India Ltd has raised $100 million (Rs 450 crore) by issuing foreign currency convertible bonds to be listed on the Singapore Stock Exchange.

The bonds will be convertible into shares at Rs 2362 a share, a premium of 20 per cent to the closing price on December 14. 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 proceeds of the FCCB issue will be deployed for establishing new development centres in India, for financing new overseas ventures as well as for funding acquisitions abroad, according to Mr Jignesh Shah, Chairman and Managing Director of the company.

Deutsche Bank AG acted as the lone book running lead manager to the offering.

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