India’s Sakthi board OKs secured redeemable nonconvertible issue

By Tali Rackner

Norfolk, Va., Aug. 11 – Sakthi Finance Ltd. informed the Bombay Stock Exchange that its board of directors met on Aug. 9 and approved the issue of up to Rs. 200 million of redeemable cumulative preference shares on a private placement basis.

The board also approved secured redeemable nonconvertible debentures, subordinated bonds and other debt securities on a private placement basis within the overall borrowing powers of the company.

In addition, it recommended the appointment of A. Shanmugasundaram, S. Ragothaman, A. Selvakumar and P. S. Gopalakrishnan as independent directors of the company for a term of five years beginning on Sept. 27.

Sakthi Finance is a nonbanking finance company based in Tamil Nadu, India.

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