Geodesic Information Systems has informed the Bombay Stock Exchange ( BSE) that the company had successfully closed the issue of its Foreign Currency Convertible Bonds (FCCBs) aggregating $125 million on January 17, 2008 with Citigroup as the Sole Book Running Lead Manager to the issue.
The conversion of the bonds will take place at an initial conversion price of Rs 302.27 per share which is at a 35% premium over the closing price on January 10, 2008, the day on which issue was launched, with a fixed rate of exchange on conversion to the $ at Rs 39.13, subject to the reset clause as specified in the Offering Circular.
The company intends to use the proceeds from the issue of the Bonds for overseas acquisitions and investments in joint ventures/wholly owned subsidiaries.
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