XL Telecom greenshoe exercised on 0% convertibles, raising total to $40 million

By Susanna Moon

Chicago, Oct. 26 - XL Telecom & Energy Ltd. notified the Bombay Stock Exchange that the $5 million over-allotment option was exercised on its $35 million zero-coupon unsecured foreign-currency convertible bonds due 2012.

The greenshoe exercise brings the total convertibles placement to $40 million. Shareholders approved issuing up to $40 million of securities at a meeting on Sept. 26.

The company previously said proceeds would be used to expand the company's solar photovoltaic module making plant and to establish a solar photovoltaic cell manufacturing plant.

Elara Capital plc, London was the lead manager.

The issue was set to close on Oct. 22.

The bonds are listed on the Singapore Stock Exchange.

XL Telecom & Energy, formerly XL Telecom Ltd., is a Secunderabad, India-based telecom, solar photovoltaic and ethanol company.

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