Karuturi raises $50 million

Karuturi Networks Ltd has informed that the Company has successfully raised US$ 50 Million by issuing Foreign Currency Convertible Bonds to foreign institutions investors. The issue has received overwhelming response from the investors and was oversubscribed.

In this regard the Company has issued the following Press Release:

"Karuturi Networks Ltd announces the successful issuance of USD 50,000,000 zero coupon unsecured foreign currency convertible bonds. The bonds have a maturity of 5 years and are convertible at a price of Rs 290 which represents a premium of 30% over the current market price.

Silverdale services Ltd, London, was the sole lead manager for the offering and Axis Bank Ltd was the India advisor to the issue.

Mr. Sai Ramakrishna Karutri, Managing Director of the Company said, "This issuance affirms the confidence of global Investors in the strength of our agri products based business model. They have appreciated the intrinsic cost advantages and superlative growth trajectory of our Company".