Morgan Stanley, Deutsche, Goldman Sachs take 10 pc in Core Projects

By Staff
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Google Oneindia News

Mumbai, Jan 2 (UNI) Core Projects&Technologies Ltd has received conversion notices from the holders of FCCBs worth Rs 39.76 crore.

The three allottees, Morgan Stanley, Deutsche Bank and Grants Investments Ltd, (an investment arm of Goldman Sachs) have thereby taken a 10 per cent stake in the company, said a Core press release here today.

Morgan Stanley has the largest share at 4.03 per cent, while Grants has taken a 3.46 per cent stake and Deutsche Bank has 2.59 per cent.

Following this development, FCCBs worth Rs 15.90 crore still remain for conversion. Core Projects issued 1,225 Foreign Currency Convertible Bonds of USD 10,000 each on November 13. The FCCB issue was successfully closed and the bonds have been listed on the Singapore Stock Exchange.

''The conversion of FCCBs into shares shows the confidence of the investors in the business plan of the company. We welcome our new partners wholeheartedly,'' said Mr Sanjeev Mansotra, Chairman and Managing Director, Core Projects and Technologies.

The FCCB issue proceeds and various internal resources have put together a kitty of about Rs One billion (Rs 100 crore) for Core Projects. The company plans to utilize these funds to acquire companies in the USA and UK.

''The expansion of the Offshore Development Center at Navi Mumbai is expected to be complete by end of January, 2007. This, together with the acquisitions, will have a significantly positive impact on the revenues and profits of the company,'' said Mr Mansotra.

With offices in the US, the UK, Africa, Middle East and India, Core Projects&Technologies Ltd has delivered 50 projects to its global clientele. It reported a consolidated turnover of Rs 59.36 crore for the six months ended on 30th September 2006 with a profit after tax of Rs 10.84 crore.

UNI

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