Rolta India to raise $135 m via ECB

Rolta India has tied up funding of $135 million through external commercial borrowings (ECB) to buyback and/or redeem its zero coupon foreign currency convertible bonds (FCCBs), due on June 29, 2012. With this funding, Rolta launched an offer to buy back all outstanding FCCBs which have a face value of $96.69 million and redemption value of $134.78 million. The company has already repurchased a portion of FCCBs (from the original issue of $150 million) in two earlier tranches — one in June 2009 and the second in December 2009. The aggregate face value of all repurchase of FCCBs till date has been $53.31 million. The offer will remain open till March 28