NEW YORK, March 31, 2006 (PRIMEZONE) -- Phoenix India Acquisition Corp. (OTCBB:PXIAU) announced today that it priced its initial public offering of 6,156,250 units on March 30, 2006. Each unit consists of one share of common stock and one warrant. The units were priced at an offering price of $8.00 per unit. In addition, the underwriters have a 45-day option to purchase up to an additional 923,437 units from Phoenix India Acquisition Corp. at the initial public offering price to cover over-allotments, if any. Phoenix India Acquisition Corp. also consummated a private placement of an additional 93,750 units at $8.00 per unit to members of its management team. The initial public offering and the private placement generated aggregate gross proceeds of $50,000,000 to the company. Rodman & Renshaw, LLC acted as lead manager and I-Bankers Securities, Inc. acted as co-manager of the initial public offering.
Phoenix India Acquisition Corp. is a blank check company recently formed for the purpose of acquiring, through merger, capital stock exchange, asset acquisition or other similar business combination, one or more unidentified operating businesses in the information technology, information technology enabled services or information technology enabled product industries (IT/ITES/ITEP) including companies in the knowledge process outsourcing, or KPO, and business process outsourcing, or BPO, sectors in India.The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Rodman & Renshaw, LLC, 1270 Avenue of the Americas, New York, NY 10020.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 30, 2006. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.