Mumbai-based IT solutions provider Rolta India Ltd, through its wholly owned overseas subsidiary Rolta Americas LLC, has raised $300 million by issuing 10.75 per cent senior notes, according to a stock market disclosure. The notes will be listed on the Singapore Exchange Securities Trading Ltd.
"The offering was oversubscribed more than 8 times with order book of over $2.4 billion with demand from a high quality investor base that includes asset managers (79 per cent), banks (12 per cent) and others (9 per cent). Across geographies, Asia contributed 47 per cent of the demand, the US contributed 35 per cent and remaining 18 per cent was accounted for by Europeans investors," the statement said.
Rolta will use the money for refinancing existing debt, to meet working capital requirements and for general corporate purposes.
The notes have tenure of five years and are guaranteed by Rolta and its key subsidiaries.
In May 2013, the firm raised $200 million (Rs 1,085 crore) by issuing 10.75 per cent senior notes through Rolta LLC.
"We are pleased to have received such an overwhelming response from investors once again. 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," said KK Singh, chairman and CEO of Rolta.
Barclays and Citigroup acted as the joint lead managers to the notes offering while DLA Piper and Davis Polk Wardwell were US counsels to Rolta and to the joint lead managers respectively. Trilegal advised the joint lead managers on the matters of Indian law.
Rolta is a leading provider of IT solutions for many vertical segments, including federal and state governments, defense, homeland security, utilities, oil & gas, financial services, manufacturing, retail and healthcare.
In the past five-six years, Rolta had acquired several foreign firms, including Columbia-headquartered maritime security solutions division of the Mariner Group, LLC, US-based OneGIS Inc, US-based Piocon Technologies Inc and Canada-based Orion Technology Inc.
(Edited by Joby Puthuparampil Johnson)