Surana Industries holders OK possible convertibles issues for $50 million, Rs. 2.25 billion

By Laura Lutz

Des Moines, Jan. 12 - Surana Industries Ltd. shareholders authorized the board to issue up to $50 million of convertibles to non-Indian investors and to raise Rs. 2.25 billion from a qualified institutional placement.

The $50 million issue may include global depositary receipts, American depositary receipts, foreign currency convertible bonds, equity shares, warrants or other convertible securities.

The foreign offering may be a public issue, private placement or preferential allotment, and it may be conducted in one or more tranches. Investors may include individuals, institutions, corporations, qualified institutional buyers or banks.

The Rs. 2.25 billion offering may include equity shares, convertible debentures or convertible preferred shares.

The shareholders approved the issues at an extraordinary general meeting on Jan. 12.

Surana is a steel manufacturer based in Chennai, India.

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