XL Telecom FCCBs

XL Telecom & Energy Ltd has informed that with regards to US$35,000,000 zero coupon Unsecured Foreign Currency Convertible Bonds due 2012 (Subject to an over allotment option of up to an additional US$5,000,000 of such bonds) ("the Bonds"), the Company has raised US$35 million by way of issuing Foreign Currency Convertible Bonds in the international markets. The Closing Date for the Issue is October 22, 2007 and the Foreign Currency Convertible Bonds will be listed on the Singapore Stock Exchange

Elara Capital Plc, London has been the Lead Manager for the Issue and Prabhudas Lilladher Advisory Services Pvt Ltd was the Indian Financial Advisors.

The Board has issued Global Certificate representing US$35 million in aggregate principal amount of Bonds.