3i Infotech raises $100mn for expansion

NEW DELHI: Software services firm 3i Infotech on Tuesday said it has raised 100 million dollars through an issue of Foreign Currency Convertible Bonds for expansion.

The zero coupon bonds will be convertible at a price of Rs 331.87 a share, or can be redeemed on the expiry of five years at a yield-to-maturity of 7.05 per cent, 3i Infotech said.

''We have robust plans for all our business offerings and the aggregate net proceeds of this FCCB offering will be used in order to further fuel our expansion plans in the coming years,'' said 3i Infotech Managing Director and Chief Executive Officer V Srinivasan.

The bonds will be listed on the Singapore stock exchange.

Lehman Brothers International (Europe) is the sole book-runner for the transaction.