Educomp Solutions, on Wednesday, said it had worked out a $155 million (about Rs.852 crore) financing package to pay off its existing overseas borrowings, fund its capex and strengthen the balance sheet.

The board of directors of the company approved the package which includes funds from World Bank arm IFC, French development finance entity Proparco, private investment firm Mount Kellett and the company’s own promoters.

Out of the $155 million, Educomp will utilise about $111 million to pay off its existing foreign currency convertible bonds (FCCBs). The balance $44 million will be used towards capex and strengthening the company’s balance sheet, the company said in a statement here.

The package also includes $50 million through preferential allotment of equity shares to IFC, Proparco and Mount Kellett at a price of Rs.149.16 a share, a 10 per cent premium to the floor price.

Educomp will also issue equity shares and warrants on a preferential basis to its promoters for an aggregate amount of up to $55 million at a price of Rs.193.74 a share, a premium of around 44 per cent to the closing share price on June 18, it said.

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