General Announcement::Settlement of Exchange Offer of FCCBs and Allotment of Shares

Issuer & Securities

Issuer/ Manager
3I INFOTECH LIMITED
Securities
3IINFOTECH US$2.435MCB170726 - XS0308551166 - 3JDB
3IINFOTECUS$125.356M5%CB170426 - XS0769181982 - 2CCB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
12-Dec-2016 22:21:02
Status
New
Announcement Sub Title
Settlement of Exchange Offer of FCCBs and Allotment of Shares
Announcement Reference
SG161212OTHRWNHG
Submitted By (Co./ Ind. Name)
3i Infotech Limited
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Further to our letter dated December 1, 2016, we are pleased to update you that pursuant to the approval of the holders of the Existing Bonds and the Reserve Bank of India, the Company has issued USD 42,441,750 2.5 per cent convertible bonds due 2025 (the New Bonds) in exchange for the Existing Bonds, to the extent that such exchange offer was accepted by the holders of the Existing Bonds (the Exchange Offer).
In accordance with the scheme of restructuring, a portion of the New Bonds have been automatically converted to equity shares as per the terms of the Exchange Offer. Accordingly, the Company has issued 17,32,30,607 equity shares pursuant to automatic conversion of a portion of the New Bonds aggregating USD 26,118,056. Out of these shares, 4,00,21,201 equity shares have been kept in abeyance at the request of a bondholder. The remaining New Bonds aggregating to USD 16,323,050 have been listed on Singapore Stock Exchange today.
Additionally, in accordance with the scheme of restructuring, the terms of the remaining 5 per cent Bonds and 4.75 per cent Bonds to the extent that the Exchange Offer was not accepted by the holders of the Existing Bonds (the Remaining Existing Bonds) stand amended as follows:
1. 1,53,56,180 equity shares have been issued upon automatic conversion of 40 per cent of the Remaining Existing Bonds into equity shares of the Company;
2. reduction in the principal amount of each Existing Bond by 35 per cent, i.e., the value of the Remaining Existing Bonds has been reduced resulting in an outstanding value of USD 3,079,250 for the 5 per cent Bonds and USD 483,750 for the 4.75 per cent Bonds;
3. interest rate for the Remaining Existing Bonds has been reduced to 2.5 per cent per annum on the outstanding principal amount; and
4. maturity of the Remaining Existing Bonds has been extended till March 31, 2025 such that one sixth of the outstanding principal amount of each outstanding Remaining Existing Bond shall be redeemed on March 31 of each year starting from March 31, 2020.
The Remaining Existing Bonds continue to be listed on the Singapore Stock Exchange.

Attachments

SGX.pdf
Settlement of Exchange Offer - Notice to Bondholders.pdf
Total size =1505K