India's Essar Oil to raise $300 million

By Reshmi Basu

New York, Aug. 26 - Essar Oil Ltd. said its board of directors approved its proposal to raise $300 million overseas by issuing foreign currency convertible bonds, global depository receipts or American depository receipts.

The company said that it would now seek approval from its shareholders at its annual general meeting.

The Mumbai, India-based company is an integrated oil and gas company.

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