Leading provider of AIDC Technologies, Bartronics India, has announced that the company has raised $50 million through issuance of zero coupon unsecured foreign currency convertible bonds (FCCBs).

Company said in a statement that the bonds have a maturity of five years and are convertible at a price of Rs 290, which represents a premium of around 20% over the current market price.

The FCCB funds will be used to fund the US and Southeast Asian operations and acquisitions. The London-based corporate finance firm, Silverdale Services, was the sole lead manager for the offering, it added.

Bartronics India is leveraging its domestic strength to expand into South-East Asian and US markets. Its wholly owned subsidiaries in Singapore and United States are actively looking at acquisitions for fuelling their aggressive growth plans.

Incorporated in 1990, Bartronics is a Hyderabad based company that started with providing solutions in Bar Coding, one of the oldest automatic identification and data capture (AIDC) technologies, RFID, POS, Smart Cards working as AIDC division, RFID division, Smart Card Division and Retail-IT division in separate.

At 1:55 pm, the stock was quoting at Rs 271, down by 4% or Rs. 12, as compared to previous close of Rs. 283. During intraday trading, it touched 52-week high of Rs. 294.