Tulip Telecom raises $50 mn from FCCB issue
Tulip Telecom (Tulip) has received firm commitments of $50 million towards the subscription of Foreign Currency Convertible Bonds (FCCB) issue.
The new FCCBs are proposed to be listed on the Singapore Stock Exchange and the proceeds from this issue will be utilized towards redemption of the outstanding amount of the $144.69 million (including premium and applicable taxes) foreign currency convertible bonds raised in 2007 due for redemption on August 26, 2012. The issuance of bonds would be conditional upon company depositing balance amount through bank debt into an escrow account initiated specifically for the purpose of redemption of the FCCB due.
Tulip Telecom designs, implements and manages communication networks of large enterprises on long term contracts to include enterprise communications connectivity, network integration, managed services and Data Centers.
