Lanco Global Systems approves up to Rs. 2 billion in convertibles

By Devika Patel

Knoxville, Tenn., Jan. 4 - Lanco Global Systems Ltd. informed the Bombay Stock Exchange that it approved plans to issue up to Rs. 2 billion in convertibles at an annual general meeting on Dec. 29.

The company said on Dec. 24 that its shareholders will vote on the issue in a postal ballot.

The company's board of directors approved the up to Rs. 3 billion in bonds at a meeting on Dec. 1.

Securities may include loans, debentures, Global Depositary Receipts, American Depositary Receipts, Singapore Depositary Receipts and foreign currency convertible bonds.

Hyderabad, India-based Lanco Global Systems is an internet technology services provider.

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