Sanwaria Agro Oils shareholders OK possible $25 million convertibles issue

By Laura Lutz

Washington, Dec. 18 - Sanwaria Agro Oils Ltd. shareholders approved a plan to issue up to $25 million of global depositary receipts, American depositary receipts, foreign currency convertible bonds, equity shares, warrants or other convertible securities.

The board authorized the offering at a meeting on Nov. 17.

The offering may be made in one or more tranches to any Indian or international investors. The timing and terms of the deal will be at the board's discretion.

At their meeting, the shareholders also granted authority to the board to borrow up to Rs. 2.5 billion.

The Hoshangabad, India, company manufactures and distributes edible oils.

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