Electrosteel Steels board approves $150 million issue of convertibles

By Ashley Montgomery

Kansas City, Kan., May 8 - Electrosteel Steels Ltd. informed the Bombay Stock Exchange that its board of directors approved the issue of up to $150 million of foreign currency convertible bonds at a meeting on Tuesday.

The issue may also be made in foreign currency convertible notes, Global Depositary Receipts, American Depositary Receipts or other securities and will include an over-allotment option of up to 20%.

Electrosteel is a Jharkhand, India-based pipe manufacturer.

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