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First Source completes repayment of USD 237 mn FCCB

Posted on Dec 05, 09:23PM | UNI

Leading Indian BPO Firstsource Solutions Limited today said it had completed repayment of outstanding FCCB of USD 237 million on December four.

The company, in a release here, said the repayment was funded by way of the company's cash reserves augmented with the preferential allotment of shares made to Spen Liq Private Limited and external borrowings.

Commenting on the development Firstsource MD and CEO Rajesh Subramaniam said 'we had proactively embarked on several strategies that would enable us to deal with the FCCB situation.

'The full repayment was the desired outcome and our ability to fulfill this obligation to our bond holders has been achieved.

With this financial deleverage of the company, we are now in a stronger position to look ahead and drive strategies to accelerate growth and profitability'.