Advertisment

Cranes to raise € 42 mn through FCCB offering

author-image
CIOL Bureau
Updated On
New Update

BANGALORE: Cranes Software International Ltd, a global scientific and engineering software solutions provider, today announced the closure of its €42 million offering of unsecured foreign currency convertible bonds (FCCBs).

Advertisment

Funds generated from this offering will be used for further strengthening Cranes' financial structure, acquisition of IPs, businesses, products and companies, retirement of foreign currency term loans and capital expenditure towards optimization of growth prospects.

The investment is expected to augment the company's growth into enterprise-wide applications market.

FCCBs issued by Cranes will have a tenure of five years and will be due in March 2011. These instruments carry a coupon rate of 2.5 percent (payable semi-annually) and are convertible into ordinary equity shares or GDRs of Cranes at a premium of 35 percent over the weighted average price of the Cranes stock on the Bombay Stock Exchange on the launch date February 13, 2006.

The bonds will have initial conversion price of Rs143.293 per share. The FCCBs are intended to be listed on the Stock Exchange of Singapore.

© CyberMedia News

tech-news