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Scandent gets $30 mn funding

Scandent has received $30 mn from Indopark to fund its growth plans in the outsourcing business.

india Updated: Mar 16, 2006 16:59 IST

Scandent Solutions Corporation Ltd said on Thursday that it has received $30 million from Indopark Holdings Ltd, a wholly owned subsidiary of Merrill Lynch and Co to fund its growth plans in the outsourcing business.

"This investment is a vindication of the potential our merger with Cambridge holds for the company and will fund our growth in an exciting and expanding outsourcing market-place," Scandent Solutions Executive Chairman and CEO Chris Sinclair said.

The investment would be in the form of convertible bonds (CB) carrying a coupon of 5.22 per cent per annum which would be converted into common shares of the company at a price of Rs 217 per share, the company informed the Bombay Stock Exchange.

After the company's merger with Cambridge Integrated Services, Indopark Holdings stake in the merged entity will be around 5.55 per cent, it said.

Post merger with Cambridge, Scandent would have a combined revenue of close to $275 million a year, more than 3,500 employees, 80 offices in four continents, and more than 2,000 clients, it added.

First Published: Mar 16, 2006 13:37 IST