The Hindu Business Line : Prithvi Info allots $50 m FCCBs to Lehman Brothers

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Hyderabad, Feb. 26 Technology solutions provider Prithvi Information Solutions Ltd has allotted zero-coupon foreign convertible currency bonds (FCCBs) equivalent to $50 million to Lehman Brothers International (Europe), at a conversion price of Rs 469.13 per equity share.

The proceeds of the FCCB issue will be utilised for the purpose of overseas acquisitions.

Each bond is of the value of $1 lakh with a yield to maturity of 8.58 per cent.

The FCCBs will be listed on the Singapore Stock Exchange.

The Managing Director of Prithvi Information Solutions Ltd, Mr V. Satish Kumar, in a statement said: "The company has identified a few companies for acquisition. With financial closure now completed, Prithvi will proceed to complete these acquisitions, subject to detailed due diligence."

Prithvi is in talks with three boutique companies in the US and one in the Europe, across the enterprise solutions, healthcare, manufacturing and insurance verticals.

All the companies identified have facilities for operations in India.

For the first nine months of the current financial year, Prithvi's net income from operations was Rs 509.05 crore as against Rs 315.76 crore during the corresponding period last year.

More Stories on : Overseas Borrowings | Software | Mergers & Acquisitions

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