Shiv-Vani hopes to raise Rs. 10 billion by issuing convertibles

By Devika Patel

Knoxville, Tenn., Jan. 22 - Shiv-Vani Oil & Gas Exploration Services Ltd. informed the Bombay Stock Exchange that it approved a proposal at a board of directors meeting on Jan. 19 to raise Rs. 10 billion by issuing foreign currency convertible bonds.

The company also is considering Global Depositary Receipts, convertible debentures, equity shares, preference shares or other instruments convertible into equity shares.

New Delhi-based Shiv-Vani is an oil and gas services company.

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