Educomp approves $250 million of foreign currency convertible bonds

By Devika Patel

Knoxville, Tenn., May 31 - Educomp Solutions Ltd. informed the Bombay Stock Exchange that it approved plans to issue up to $250 million of foreign currency convertible bonds, convertible debentures, convertible preference shares, convertible securities or other convertible instruments at a board of directors meeting on May 30.

The company also is considering issuing equity shares, non-convertible debentures and warrants.

New Delhi-based Educomp develops computer-based teaching solutions. It said it also plans to restructure its $78.50 million of current foreign currency convertible bonds or possibly replace them with new ones.

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