Core successfully completes Rs 560mn FCCB

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Core successfully completes Rs 560mn FCCB

Core successfully completes Rs 560 million FCCB: Identifies 5 Acquisition Targets in USA, UK

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Core Projects & Technologies Ltd.has successfully closed its issue of Foreign Currency Convertible Bonds for Rs.560 million. The Board of Directors have allotted 1,225 Foreign Currency Convertible Bonds of US $ 10,000 to the applicants. The bonds will be listed on the Singapore Stock Exchange.

"The company received full subscription within a few hours of the issue opening. The subscribers include Old Lane LP, Atlas Master Fund, DKR Soundshore Oasis and GLG Market Neutral Fund. This shows the confidence that the company enjoys with international investors", said Mr. Sanjeev Mansotra, Chairman and Managing Director of the Company.

With this issue, and internal resources, the company has put together a kitty of about Rs. 1 billion (Rs. 100 crores). The company plans to utilize these funds to acquire companies in the USA and UK. The company has short-listed five likely target companies for the acquisitions, of which two are based in the UK and three in the USA. Negotiations are at a fairly advanced stage and the company hopes to complete its acquisitions latest by middle of December, 2006.

"The expansion of the Offshore Development Center at Navi Mumbai is expected to be complete by end of December, 2006. With an investment of about Rs. 50 million in this expansion, the capacity of the ODC will go up by about 200 seats. This, together with the acquisitions, will have a significantly positive impact on the revenues and profits of the company", said Mr Mansotra.

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