Educomp shares up on debt hopes

Shares in Educomp surge 8.4% after the company said it has raised $155 mn via external borrowings.

Written by Agencies | Published: June 20, 2012 12:18 pm

Shares in Educomp Solutions Ltd surge 8.4 per cent after the company said it has raised $155 million via external commercial borrowings,of which it plans to pay off foreign currency convertible bonds (FCCBs) worth $78.5 million.

Traders say the July payment due on its FCCBs had been an overhang on the stock of the education services provider. Educomp shares have fallen 28.6 per cent as of Tuesday’s close versus the 10.3 per cent rise in the NSE index.

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