NIIT shareholders agree to $50 million convertible issue

By Laura Lutz

Des Moines, July 18 - NIIT Ltd. shareholders approved a $50 million issue of equity-linked foreign securities, including foreign currency convertible bonds, American depository receipts, and global depository receipts, according to a company release.

The resolution also includes a greenshoe for up to 25% of the amount of the offer.

Proceeds will be used to pursue inorganic initiatives in developed countries.

New Delhi-based NIIT is an information technology education company.

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