Firstsource Solutions raises $180 m loan

R.Y. Narayanan Updated - August 04, 2011 at 11:02 AM.

Firstsource Solutions Ltd (FSL), business process outsourcing company, has raised $180 million long-term loan from the international loan syndication market to refinance existing term loans.

The US subsidiary of FSL had signed a credit agreement for $180 million with a consortium of six financial institutions including overseas branches of four Indian banks — Axis Bank, Canara Bank, ICICI Bank and IOB, along with GE Capital, USA and DBS Bank.

The company said the interest rate for the new term loan was lesser than the interest rate for existing loans. The loan, which has been fully drawn, would be used to refinance the existing ECB and term loan of $ 64 million and to address redemption obligation for FCCB ahead of term.

PTI adds:

Firstsource Solutions today reported a 63 per cent decline in its consolidated net profit to Rs 10.64 crore for the quarter ended June 30, 2011.

The company had registered a net profit of Rs 32.07 crore in the same quarter of the previous fiscal, Firstsource Solutions said in a filing to BSE.

Total income from operations rose to Rs 523 crore during the April-June quarter of 2011, compared with Rs 490.70 crore in the same period last year.

On a standalone basis, the company reported a net profit of Rs 7.17 crore for the June quarter, up 46.33 per cent vis-a-vis the same period of the previous fiscal.

Shares of Firstsource Solutions were trading at Rs 16.30 on BSE, down 1.51 per cent from their previous close.

Published on August 3, 2011 06:19