Mumbai, Jan 7: Bartronics India today said that the company has successfully completed issuance of USD 50 million zero coupon unsecured Foreign Currency Convertible Bonds (FCCB).
The bonds have a maturity of five years and are convertible at a price of Rs 290, which represents a premium of around 20 per cent over the current market price. London-based Silverdale Services was the sole lead manager for the offering. Bartronics India is one of the leading provider of Automatic Identification and Data Capture (AIDC) solutions with a market share of 60 per cent. Bartronics is the only company in India and among a handful in the world offering end-to-end AIDC solutions from consulting and designing of system architecture to procurement of equipment and after sales services.
Bartronics has the highest client base of over 1,600 customers including Unilever, Mercedes, IBM, Ranbaxy, and Pantaloon. Last month, the company commissioned an over USD 100 million smart card manufacturing plant.
Bartronics is also participating in the pilot project for National ID Programme. It is undertaking the pilot project for smart ATM cum debit card for some Indian Banks. In addition, it has begun supplying smart driving licenses to some of the state governments.
Bartronics is leveraging its domestic strength to expand into South-East Asian and US markets. Its wholly owned subsidiaries at Singapore and in US are actively looking at acquisitions for fuelling their aggressive growth plans.
The FCCB funds will be used to fund the US and the South-East Asian operations and acquisitions.