Fin Tech raises $100mn by way of FCCBs

New Delhi, Dec 15: Financial Technologies India Ltd today said it has raised 100 million dollars for expansion purposes through issue of Foreign Currency Convertible Bonds (FCCBs).

The bonds will be listed on the Singapore Stock Exchange and are convertible at a premium of 20 per cent.

The proceeds of the issue will be deployed for establishing new development centres in India, for financing new overseas ventures as well as for funding acquisitions abroad.

The company has an option to call for mandatory conversion of the FCCBs into equity shares after one year from the date of closing of the issue.

''I am pleased with the faith reposed by global investors in the business model of the company. The option to require mandatory conversion of the bonds after one year demonstrates the confidence of the management in continuing to grow the business of the group both internationally and domestically,'' company Chairman and Managing Director Jignesh Shah said.

Deutsche Bank AG acted as the sole bookrunner and lead manager to the offer.

UNI