Southern Online Bio Tech shareholders OK $25 million convertible offering

By Laura Lutz

Des Moines, Jan. 8 - Southern Online Bio Technologies Ltd. announced that its shareholders approved a possible convertibles offering for up to $25 million.

The shareholders authorized the board to issue foreign currency convertible bonds, global depositary receipts, American depository receipts or other convertible securities to non-Indian investors.

The offering may be made in one or more tranches. The terms and timing of the deal would be at the board's discretion.

The shareholders also authorized the board to raise up to Rs. 700 million from a public offering of private placement of its stock.

Southern Online is a biodiesel company based in Hyderabad, India.

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