Prithvi Info Allot 50 mn USD FCCBs to Lehman Brothers

Hyderabad, Feb 26 (UNI) Prithvi Information Solutions Limited has allotted Zero Coupon FCCBs to the tune of 50 million USD to Lehman Brothers International (Europe), at a conversion price of Rs 469.13 per equity share.

Each bond was of the value of 100,000 USD and the yield to maturity would be 8.58 per cent. The bonds would be listed on the Singapore Stock Exchange.

''The company has already identified a few companies for acquisition. With financial closure now done, Prithvi will now proceed to complete these acquisitions, subject to detailed due diligence.'' The proceeds of the FCCB issue would be utilized for the purpose of overseas acquisitions, Managing Director of Prithvi Information Solution V Satish Kumar said.

For the first nine months of the current financial year, Prithvi has seen its net profit climb to Rs 63.99 crores, up 75 per cent from Rs 36.53 crore for the corresponding period last year. The net income from operations for the nine months was Rs 509.05 crore, up 61 per cent from Rs 315.76 crore during the corresponding period last year, he said.

UNI