Tulip Telecom to raise $ 50 million from FCCB issue

The enterprise data services provider, Tulip Telecom plans to  raise $ 50 million from Foreign Currency Convertible Bonds (FCCB) issue.

Tulip Telecom proposes to list new FCCBs on the Singapore Stock Exchange. The company plans to use money raised through FCCBs for redemption of the outstanding amount of
$ 144.69 million (including premium and applicable taxes) for FCCBs raised by it in 2007, which are due for redemption on Aug, 26, 2012.