Sterling Biotech gets shareholder OK to issue up to $250 million of convertibles

By Angela McDaniels

Tacoma, Wash., March 5 - Sterling Biotech Ltd. shareholders approved plans to issue up to $250 million of foreign-currency convertibles, American Depositary Receipts or Global Depositary Receipts, according to a company notice filed with the Bombay Stock Exchange.

The plan was passed at an extraordinary general meeting on Wednesday.

The company's board of directors approved the plan at a meeting on Feb. 6.

Sterling Biotech is a Mumbai, India-based manufacturer of pharmaceutical gelatin.

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