India’s Sesa Sterlite OKs upping borrowing limit, issuing securities

By Tali Rackner

Norfolk, Va., Sept. 5 – Sesa Sterlite Ltd. said its board of directors met on Friday and made the following recommendations to go to shareholders for approval, according to a 6-K filing with the Securities and Exchange Commission:

• Increase the borrowing limits of the company to Rs. 800 billion from Rs. 600 billion;

• Allow the private placement of nonconvertible debentures or other debt securities within the overall borrowing limits of the company;

• Issuing convertible securities up to Rs. 60 billion; and

• Allow the private placement of non-convertible debentures and/or other debt securities with warrants up to Rs. 40 billion.

The board also recommended the creation of charge/mortgage over properties of the company for the purpose of borrowing; and the re-appointment of Dindayal Jalan as whole time director and designated chief financial officer for two years till Sept. 30, 2016.

Sesa Sterlite is a Panaji, India-based natural resources company.

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