Gemini Communication to Raise Euro 15 Million through FCCBs

Mumbai, July 2 (UNI) Gemini Communications Ltd today announced that the company has issued 6 per cent Foreign Currency Convertible Bonds to Merrill Lynch to raise Euro 15 million (appx. Rs 80 crore).

The offering has been fully subscribed and the conversion price for the bonds has been fixed at Rs 513 per equity share, a premium of 25.43 per cent on Friday's closing price of Rs 409. The bond will mature by 2012 and the yield to maturity on the bonds would be 6.99 per cent, the release said.

The bonds will be traded on the Luxembourg Stock Exchange.

Edelweiss Capital Limited acted as the Placement Agents and Adviser to the company for the offering.

The proceeds of the issue will be used to fund the acquisitions, both domestic &international, R&D facilities, new product development, new product launches, product certification&international marketing efforts in territories like Europe, US Middle East&SE Asia.

UNI