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Micro Technologies Plans to Expand its Operation through FCCB Issue
NewswireToday - /newswire/ -
Mumbai, Maharashtra, India, 07/21/2007 - Micro Technologies issued FCCB, convertible into ordinary shares of the Company.The offer has been fully subscribed including Lehman Brothers as one of the subscribers.
Micro Technologies (India) Ltd today announced that the company has issued 0.5% Foreign Currency Convertible Bonds (FCCBs) worth of USD 15 million, convertible into ordinary shares of the Company. The offer has been fully subscribed including Lehman Brothers as one of the subscribers. The bond will mature by 2012 having 7.75 % yields to maturity calculated on semi annual basis. The bonds will be traded on the Singapore Stock Exchange.
This FCCB looks at aiding Micro Technologies by expanding in major ways across different geographies as well as be a major part of its revenue through their increase in the export market. The FCCB issue looks at expanding its operations across the globe to the Middle East (W.L.L, Kingdom of Bahrain), US and domestic market through one of the subsidiaries of Micro Technologies, Micro Secure Solutions Ltd. Micro Secure Solutions Ltd. with the range of its product addresses the key area of Premises Security. Its mission is to address all areas of security when protecting premises.
The Standard Chartered acted as the lead managers to the issue. The proceeds of the issue are expected to be utilized for Development of new facilities, modernization and/or expansion of support centers, and/or Acquisitions/ Strategic Investments.
About Micro Technologies (I) Ltd
Micro Technologies (microtechnologies.net) is a leading provider of the much-needed range of security devices, life support systems and web-based software solutions to the global audience. Micro Technologies over the period of years have incepted some of the high-end security products, which address areas of concern right from mobile security to automobile security & Monitoring Systems. Micro Technologies got into the domain of security much before security was considered to be a major market and need was perceived. Micro Technologies products are globally recognized through its innovation, perfection and quality.
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