The Hindu Business Line : Firstsource raises $275 m via FCCBs

MUMBAI: BPO service provider Firstsource Solutions on Wednesday said it has raised $275 million through the issue of Foreign Currency Convertible Bonds (FCCBs) in the international markets.

The funds so raised would be utilised towards the repayment of $275 million debt for its recent acquisition of US-based healthcare company MedAssist Holdings Inc.

Firstsource Solutions said in a filing to the Bombay Stock Exchange that the equity shares upon conversion of these FCCBs, would be priced at Rs 92.29 each.

The conversion price represented a premium of 35 per cent over the volume weighted average price of Rs 68.36 on the NSE on November 6, this year, Firstsource added.

On October 23, the board of directors of the company approved the issue of FCCBs with tenure of five years and one day in the overseas markets. The FCCBs are expected to be listed on the Singapore Exchange Securities Trading Ltd.

The issue of FCCBs would be subject to the approval of shareholders at the extra-ordinary general meeting to be held on November 22, this year.

JP Morgan and ICICI Bank acted as the joint book-runners to the transaction. Shares of Firstsource Solutions were trading at Rs 67, down 1.40 per cent the on BSE in early morning trade. - PTI

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