Essar Shipping approves $500 million in foreign currency convertibles

By Devika Patel

Knoxville, Tenn., May 27 - Essar Shipping Ports and Logistics Ltd. informed the Bombay Stock Exchange that it approved plans to issue up to $500 million in foreign currency convertible bonds at a board of directors meeting on May 27.

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

Essar Shipping is a fleet operations and chartering company based in Bangalore, India.

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