Karuturi Networks raises $50 million in zero-coupon foreign currency convertible bonds due 2012

By Evan Weinberger

New York, Oct. 15 - Karuturi Networks Ltd. announced that it had raised $50 million in zero-coupon foreign currency convertible bonds due 2012. The bonds have a conversion price of Rs. 290 and a conversion premium of 30%.

Silverdale Services Ltd. of London was the sole lead manager of the Regulation S transaction.

In a press release Monday, Karuturi managing director Sai Ramakrishna Karuturi announced that the deal was oversubscribed.

Karuturi Networks is a Bangalore, India-based internet and e-commerce firm that also runs grows and exports cut flowers.

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