Educomp surges 8% as co raises $155 mn

Shares in Educomp Solutions surge 8.4 percent 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.

[caption id=“attachment_350375” align=“alignleft” width=“380” caption=“Educomp plans to pay off foreign currency convertible bonds (FCCBs) worth $78.5 million. Reuters”] [/caption]

Traders said that 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 percent as of Tuesday’s close versus the 10.3 percent rise in the Nifty.

Reuters