India's Eveready gets board approval for convertible bond issue

By Reshmi Basu

New York, Aug. 26 - Eveready Industries India Ltd. said it has received approval from its board of directors to issue convertible bonds.

The company plans to raise up to $40 million through either foreign currency convertible bonds or global depository receipts or other equity-linked securities in foreign currency.

Proceeds will be used for capital expenditures, for working capital and for other business needs.

The Calcutta, India-based company manufactures batteries, flashlights and packet tea.

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