Surya Pharmaceutical board approves up to $50 million foreign currency convertible bonds issue

By Jennifer Chiou

New York, March 1 - Surya Pharmaceutical Ltd. informed the Bombay Stock Exchange that its board authorized an issue of up to $50 million of foreign currency convertible bonds, Global Depository Receipts or American Depository Receipts.

The board meeting took place on Feb. 25.

Proceeds will go towards expansion, diversification and acquisition plans.

Based in Chandigarh, India, Surya is a pharmaceutical company focused on the development of antibiotic drugs.

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