India's Garware Wall Ropes shareholders OK up to $10 million convertibles issue

By Jennifer Chiou

New York, Dec. 18 - Garware Wall Ropes Ltd. informed the Bombay Stock Exchange that its shareholders authorized an issue of up to $10 million of securities convertible into equity shares, including American Depositary Receipts, Global Depositary Receipts or foreign currency convertible bonds.

The shareholders' meeting took place on Dec. 16.

Approval was granted at a board meeting on Nov. 21.

The company added that it is looking at various options for growth, including overseas acquisitions.

The timing and terms of the offering will be at the company's discretion.

Based in Pune, India, Garware produces ropes and nets.

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