Kiri Industries board mulls up to Rs. 3 billion convertibles issue

By Ashley Montgomery

Kansas City, Kan., Jan. 4 - Kiri Industries Ltd. informed the Bombay Stock Exchange that its board of directors will consider issuing up to Rs. 3 billion of convertible bonds at a meeting on Jan. 9.

The company will also consider raising funds through qualified institutional placements, foreign currency convertible bonds, global depositary receipts, preferential allotment of equity and non-convertible debentures.

Proceeds will be used to strengthen the company's capital base and for general corporate purposes.

Kiri is based in Ahmedabad, India. The company manufactures and sells dyes, dye intermediates and basic chemicals.

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