Tulip Telecom (Tulip), India`s leading enterprise data services provider, on Friday said that its has received firm commitments of USD 50 million towards the subscription of Foreign Currency Convertible Bonds (FCCB) issue.

The new FCCBs are proposed to be listed on the Singapore Stock Exchange and the proceeds from this issue will be utilized towards redemption of the outstanding amount of the USD 144.69 million (including premium and applicable taxes) foreign currency convertible bonds raised in 2007 due for redemption on Aug, 26, 2012.

`The funds raised from the new FCCBs will be utilized to refinance the existing FCCBs and enable Tulip to meet its obligation well in time. Our endeavor going forward is to strengthen our balance sheet by limiting capital expenditure and sweating existing assets to generate cash flows which will provide new thrust to business,`` said Lt. Col. HS Bedi  chairman & managing director, Tulip Telecom.