Core Projects & Technologies Limited has received conversion notices from the holders of FCCBs to the tune of Rs 397.60 million. The three allottees, Morgan Stanley, Deutsche Bank and Grants Investments Ltd, (an investment arm of Goldman Sachs) have thereby taken a 10% stake in the company

Morgan Stanley has the largest share at 4.03%, while Grants has taken a 3.46% stake and Deutsche Bank has 2.59%.

Following this development, FCCBs of the value of Rs 159.04 million still remain for conversion. Core Projects issued 1,225 Foreign Currency Convertible Bonds of US $10,000 each on November 13. The FCCB issue was successfully closed and the bonds have been listed on the Singapore Stock Exchange.

"The conversion of FCCBs into shares shows the confidence of the investors in the business plan of the company. We welcome our new partners wholeheartedly," said Mr Sanjeev Mansotra, Chairman and Managing Director, Core Projects and Technologies Limited.

The FCCB issue proceeds and various internal resources have put together a kitty of about Rs 1 billion (Rs 100 crore) for Core Projects. The company plans to utilize these funds to acquire companies in the USA and UK.

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