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Rolta India ties-up funding of $135 million via ECB

26 Mar 2012 Evaluate

Rolta India has tied-up funding of $135 million via external commercial borrowings (ECB) to buyback and/or redeem its Zero Coupon Foreign Currency Convertible Bonds (FCCBs), due on June 29, 2012.

With this funding, the company has launched an offer to buy back all outstanding FCCB, which have a face value of $96.69 million and redemption value of $134.78 million. The company has already repurchased a portion of FCCBs from the original issue of $150 million in two earlier tranches - one in June 2009, and the second in December 2009. The aggregate face value of all repurchase of FCCB's till date has been $53.31 million.

Further, the company has now established a tender process to effect the repurchase transactions in a manner that keeps the investors interest in compliance with RBI guidelines and applicable regulations. This offer shall remain open till March 28, 2012. The settlement date will be March 30, 2012, when the gross repurchase amount will be paid in respect of each principal amount of $1,000 of bonds tendered for repurchase.

Barclays Bank PLC and Deutsche Bank AG will act as joint dealer managers, and Deutsche Bank AG., London Branch, shall be the tender agent for these transactions.

Rolta is a leading provider of innovative IT solutions for many vertical segments including utilities, governments, transportation, process, power, banking and insurance.

Rolta India Share Price

1.67 0.00 (0.00%)
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