Merrill Lynch subsidiary invests in Scandent

MUMBAI: Scandent Solutions Corporation has received an investment of $30 million from Indopark Holdings Ltd., a wholly owned subsidiary of Merrill Lynch and Co. The investment is in the form of convertible bonds (CBs) carrying a coupon of 5.22 per cent per annum. The CBs will be converted into common shares of the company at a price of Rs. 217 per share. Post the imminent merger of the company with its BPO arm, Cambridge Integrated Services, (and the conversion of the CBs) Indopark Holdings' stake in the merged entity will be around 5.55 per cent, the company informed the BSE.