Sangam India plans C$22 million convertibles offering

By Laura Lutz

Washington, Jan. 30 - Sangam India Ltd. announced that its board intends to issue up to C$22 million of foreign currency convertible bonds.

The company's shareholders approved the measure at an extraordinary general meeting on Jan. 27.

Proceeds of the offering will be used to partially fund the company's ongoing expansion and diversification projects.

Sangam is a textile manufacturer based in Bhilwara, India.

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