Rolta raises over Rs 1,810 crore; looks to refinance debt

NEW DELHI: IT solutions provider Rolta India today said it has raised USD 300 million (about Rs 1,810 crore) from international markets through its wholly-owned subsidiary, Rolta Americas.

Rolta, in a statement, said it has raised the amount from international markets through the 8.875 per cent senior notes (a type of bond) issued by the overseas subsidiary.

It added that the proceeds from the Notes will be used for refinancing existing debt, to meet working capital requirements and for general corporate purposes.

The Notes, which have a tenure of five years and are guaranteed by Rolta and its key subsidiaries, will be listed on the Singapore Exchange Securities Trading Ltd (SGX-ST).

"This offering was oversubscribed by more than 8 times with order book of over USD 2.4 billion with demand from a high quality investor base (over 200 accounts globally)," it said.

The company added that the offering was well-subscribed across geographies, with Asia contributing to 47 per cent, the US 35 per cent and European investors accounted for 18 per cent of the demand.

"It is very gratifying that Rolta's business model and its IP-led solutions approach have inspired confidence in some of the world's largest and most sophisticated investors," Rolta Chairman and CEO K K Singh said.

Barclays and Citigroup, acted as the Joint Lead Managers to the Notes offering.