Electrotherm India may issue up to Rs. 3 billion of foreign-currency convertibles

By Angela McDaniels

Seattle, May 24 - Electrotherm India Ltd. plans to raise up to Rs. 3 billion through the issuance of foreign-currency convertible bonds, American Depositary Receipts or Global Depositary Receipts, according to a company notice filed with the Bombay Stock Exchange.

The board of directors approved the issuance at its meeting on Thursday.

The company will seek shareholder approval of the issuance at its annual meeting on June 25.

Electrotherm is based in Ahmedabad, India, and manufactures furnaces, heavy machinery, electric vehicles and steel products.

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