Sanghi Industries to issue up to Rs. 15 billion of convertibles

By Angela McDaniels

Seattle, April 27 - Sanghi Industries Ltd. will raise up to Rs. 15 billion through the issuance of convertible securities, foreign-currency convertible bonds, American Depositary Receipts, Global Depositary Receipts, equity shares, convertible warrants or other securities, according to a company news release.

The issuance was approved by the board of directors at its meeting on Thursday and is subject to regulatory approvals and other approvals as may be necessary.

Sanghi is based in Hyderabad, India, and manufactures foam leather cloth, rigid PVC sheeting, hard leather, stock labels, cement and other goods.

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