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Our Bureau

Mumbai , Jan 2

Morgan Stanley, Deutsche Bank and Grants Investments have together picked 10 per cent stake in Core Projects and Technologies through conversion of foreign currency convertible bonds (FCCBs).

The company had received conversion notices for a total value of Rs 39.76 crore from these FCCB holders, said a release.

Morgan Stanley has the largest share at 4.03 per cent, while Grants Investment and Deutsche Bank have picked up 3.46 per cent and 2.59 per cent respectively.

However, FCCBs of the value of Rs 15.9 crore still remain for conversion.

Core Projects issued 1,225 FCCBs of $10,000 (Rs 4,50,000) each on November 13, 2006.

The FCCB issue was successfully closed and the bonds have been listed on the Singapore Stock Exchange.

The issue proceeds and various internal resources have put together a kitty of about Rs 100 crore for Core Projects.

The company plans to utilise these funds to acquire companies in the US and the UK, said Mr Sanjeev Mansotra, Chairman and Managing Director.

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