Micro Tech plans to expand operation through FCCB

Mumbai, July 22: Security devices major, Micro Technologies (India) Ltd. announced that the company has issued 0.5 per cent Foreign Currency Convertible Bonds (FCCBs) worth USD 15 million, convertible into ordinary shares of the Company.

The offer has been fully subscribed, with Lehman Brothers as one of the subscribers. The bond will mature by 2012 having 7.75 per cent yields to maturity calculated on semi annual basis. The bonds will be traded on the Singapore Stock Exchange, a company release said.

The FCCB issue looks at expanding its operations across the globe, mainly to the Middle East, Bahrain, US, and the domestic market through one of the subsidiaries Micro Secure Solutions Ltd.

Micro Technologies provides the much-needed range of security devices, life support systems and web-based software solutions to the global audience, the release added.

UNI