3i Infotech launches FCCB offering of $50 million

BANGALORE: 3i Infotech, a global provider of IT solutions and services and one of India's largest and the fastest growing software product companies, today announced that it has successfully launched and priced an offering of Foreign Currency Convertible Bonds of $50 million.

The bonds will be listed on the Singapore Stock Exchange and are convertible over a five-year period.

The bonds will be convertible at a conversion price of Rs. 230 per share, which is at a premium of 33% to the company's closing share price on the National Stock Exchange Ltd as on March 2, 2006. The bonds are convertible into equity shares at the option of the bond holders. The bonds are zero coupons and will be redeemable on the expiry of five years at a yield to maturity of 6.8% per annum. Investment Bankers for the issue are ICICI Securities and UBS Investment Bank.

V. Srinivasan, managing director and CEO, 3i Infotech said, "We believe this is another important milestone in the progress of the company. The proceeds of the FCCB offering will be

used in fueling the expansion plans of the company in the global markets."