Essar Oil approves $2 billion of foreign currency convertible bonds

By Devika Patel

Knoxville, Tenn., July 11 - Essar Oil Ltd. informed the Bombay Stock Exchange that it approved plans to sell up to $2 billion of foreign currency convertible bonds at a board of directors meeting on July 11.

The company also is considering Global Depositary Shares and American Depositary Receipts.

Based in Jamnagar, India, Essar explores for oil and gas.

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