3i Infotech extends rally as debt conversion to bring down interest cost - The New Indian Express

3i Infotech extends rally as debt conversion to bring down interest cost

Published: 05th December 2013 01:18 PM

Last Updated: 05th December 2013 01:18 PM

3i Infotech, a global provider of IT solutions, extended gain on Thursday after its CDR Empowered Group approved the conversion of the CDR rupee debt of the company aggregating to Rs 12.98 billion into foreign currency debt of around USD 215 million.

"The conversion is expected to bring about a reduction in interest cost as the interest on the foreign currency debt by the company would be revised to 3 month Libor plus 650 bps p.a. post execution," the company said.Shares ofthe companyare trading at Rs 6.43, up Rs 0.3, or 4.89% at the Bombay Stock Exchange (BSE) on Thursday at 11:41 a.m.The scrip has touched an intra-day high of Rs 6.43 and low of Rs 6.27. The total volume of shares traded at the BSE is 1,098,342.In the earlier session, the shares rose 4.97%, or Rs 0.29, at Rs 6.13. Currently, the stock is trading down 38.99% from its 52-week high of Rs 10.54 and above 78.61% over the 52-week low of Rs 3.60.

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