Firstsource FCCB

With reference to the earlier announcement dated October 23, 2007 & November 07, 2007 regarding the decision of the Board of Directors for issue of Foreign Currency Convertible Bonds (FCCBs) and launch of the same on November 06, 2007 respectively, Firstsource Solutions Ltd has informed BSE that FCCB issue by the Company of US$ 275 Million has been successfully completed and closed on December 03, 2007 and the subscription monies in respect of the same have been received by the Company.

The FCCBs have a maturity period of 5 years and 1 day and are convertible at a conversion price of Rs 92.2933 per share. The funds will primarily be utilized towards the repayment of the US$ 275 million debt contracted at LIBOR plus 250 bps for its recent acquisition of MedAssist Holdings Inc.