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ICICI Bank-promoted 3i Infotech has successfully renogtiated with lenders to recast the Rs 600-crore short-term debt on its books as long-term debt.
The company informed the exchanges that it has successfully settled the exchange of 96.33 per cent of USD bonds and 100 per cent euro bonds with new $125,356,000-five per cent convertible bonds, due for redemption in 2017.
The tenure of remaining 3.67 per cent of USD bonds has also been extended on new terms till 2017, the statement added.
The bonds have been listed on the Singapore Stock exchange from April 26.
The company has increased the tenure of the debt to around five years from about two years at present.
“We will try to change the short-term maturities into long-term maturities so that it matches our cash generation cycles…we are confident that that our cash generation over the next five-six years will be adequate enough to take care of all these things,” said Mr Amar Chintopanth, Joint Managing Director and Chief Financial Officer, had told Business Line in September last year..
The company is looking to refinance the FCCBs considering the stark variance in the conversion price and the current market price of 3i Infotech's shares. While the conversion price was around Rs 166, 3i Infotech's shares were trading about three per cent higher at Rs 14.5 at noon on Thursday on the BSE.
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