Geodesic to issue FCCBs

Geodesic Information Systems Ltd on January 10, 2008 has announced the launch of US$125 million unsubordinated, unsecured foreign currency zero coupon convertible bonds due 2013 (the "Bonds"). The Company intends to use the proceeds for overseas acquisitions and investments in joint ventures / wholly owned subsidiaries.

The Bonds will be convertible into Geodesic ordinary shares, quoted in Indian Rupees ("Rs"). The five year Bonds are expected to carry a yield to maturity of 6.60% per annum and the initial conversion price is Rs 302.27 ("Initial Conversion Price"), representing a premium of 35% over the closing share price on the National Stock Exchange on January 10, 2008 of Rs 223.90 ("Reference Share Price").

The Bonds will be issued at par and redeemed at 138.3826% of par on maturity. The Bonds have been priced and closing is expected to be on or about January 17, 2008. Application has been made for the Bonds to be listed on the official list of the Singapore Exchange Securities Trading Ltd (the "Singapore Stock Exchange") and the Singapore Stock Exchange has given in-principal approval for the listing of the Bonds. Citigroup Global Markets Ltd is the Sole Global Coordinator and Lead Manager for the offering.