India’s Eveready board approves up to Rs. 1.5 billion of securities

By Wendy Van Sickle

Columbus, Ohio, July 24 – Eveready Industries India Ltd.’s board of directors approved on Friday the issuance of up to Rs. 1.5 billion of debt securities, according to a notice with the Bombay Stock Exchange.

The securities, which may include equity shares, fully or partly convertible debentures and nonconvertible debentures with warrants, will be offered to qualified institutional buyers on private placement basis.

The securities are subject to approval of company members who are set to consider the matter at their Aug. 21 annual general meeting.

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

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