Gemini Communication to Raise Euro 15 Million through FCCBs

Gemini Communications Ltd today announced that the company has issued 6% Foreign Currency Convertible Bonds to Merrill Lynch to raise Euro 15 million (appx. Rs 80 crore).

[ClickPress, Mon Jul 02 2007] Gemini Communications Ltd today announced that the company has issued 6% Foreign Currency Convertible Bonds to Merrill Lynch to raise Euro 15 million (appx. Rs 80 crore). The offering has been fully subscribed and the conversion price for the bonds has been fixed at Rs.513 per equity share, a premium of 25.43 per cent on Friday’s closing price of Rs 409. The bond will mature by 2012 and the yield to maturity on the bonds would be 6.99%. The bonds will be traded on the Luxembourg Stock Exchange. Edelweiss Capital Limited acted as the Placement Agents and Adviser to the company for this offering.

The proceeds of the issue will be used to fund the acquisitions, both domestic & international, R&D facilities, new product development, new product launches, product certification & international marketing efforts in territories like Europe, US Middle East & SE Asia.

About Gemini
Gemini creates IT infrastructure for mid and large sized companies and manages their networks. Today Gemini has more than 90 support centers across India and specialize in wireless point to point and point to multi point links. They have recently taken over a company in the wireless space called PointRed Technologies Inc which manufactures wireless radio modems in the licensed and un-licensed band.

The Govt spends on IT infrastructure is increasing at a rapid pace and an estimated Rs.2000 Crs will be spent only on SWAN projects. Apart from SWAN projects Rural connectivity and computerization program’s which helps in bridging the digital divide is being implemented by all the sates. Gemini with its 12 years of experience in the IT infrastructure space has a good chance to capture a sizable market share.

Gemini’s 100% subsidiary which manufactures RFID range of reader’s, antennas and Tags has started getting export orders from South East Asian countries, Middle East and Europe. They are a clear market leader in the RFID space in India and have clear plans for positioning their products Globally. Last month, Gemini set up South Asia’s first RFID tag manufacturing plant near Chennai.

For Further Details Please Contact:
V.Narayanan, Amber Sironzkar
Company Secretary Adfactors PR
Gemini Communication Limited Tel No: 022 22871361
Tel No: 044 2499 6422

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