Supreme Yarns seeks shareholder OK of up to Rs. 1 billion convertibles

By Angela McDaniels

Seattle, Feb. 9 - Supreme Yarns Ltd. said it will seek shareholder approval to offer, from time to time, up to Rs. 1 billion of securities that may include foreign-currency convertible bonds convertible into equity shares, American Depository Receipts or Global Depository Receipts.

The securities offered may also include partly or fully convertible debentures, preference shares that may be convertible, equity shares, warrants or securities linked to ordinary shares, according to a company notice filed with the Bombay Stock Exchange.

The Ludhiana, India-based yarn manufacturer will hold an extraordinary general meeting of shareholders on Feb. 22 to vote on the offering.

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