Business Daily from THE HINDU group of publications
Saturday, Jan 12, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Jan 12, 2008 ePaper | Mobile/PDA Version |
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Info-Tech
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Software Corporate - Overseas Borrowings Geodesic to raise $125 m thru FCCBs Mumbai, Jan. 11 City based IT company Geodesic Information Systems Ltd said on Friday that it will raise $125 million through the Foreign Currency Convertible Bonds (FCCBs) route to raise funds to finance future inorganic growth. The company intends to use the proceeds for overseas acquisitions and investments in joint ventures/wholly owned subsidiaries, said a filing on the BSE. These zero coupon, five-year bonds will be convertible into Geodesic ordinary shares. The initial conversion p rice is Rs 302.27, representing a premium of 35 per cent over the closing price of Rs 223.9, on the NSE on Thursday. The five-year bonds — which are expected to carry an annual yield to maturity of 6.6 per cent — are proposed to be listed on the Singapore Stock Exchange. The Geodesic scrip was down by 0.63 per cent to close at Rs 222.65 on the BSE today. — Our Bureau More Stories on : Software | Overseas Borrowings
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