The stock of Educomp Solutions jumped about 10 per cent after the company informed the exchanges that its board of directors has approved a financing package of $155 million.
This loan will be partly used to pay off its foreign currency convertible borrowings, Educomp said.
The package includes $70 million under external commercial borrowings from IFC, a member of World Bank Group, and Societe De Promotion Et De Participation Pour La Cooperation Economique, a French financial institution, under an 8.5-year facility.
It will also get $10 million through FCCBs from IFC, convertible into equity at a 40 per cent premium to floor price and up to $50 million by preferential allotment of shares to IFC, Proparco and Mount Kellett. The preferential allotment will be at Rs 149.16 a share, 10 per cent premium to the floor price.
Educomp will also issue $15 million worth of equity and $40 million in warrants to its promoter group on a preferential basis. This will be at Rs 193.74 a share, a premium of around 44 per cent to the share closing price on June 18, it said.