India’s Setco Automotive approves up to Rs. 1 billion of convertibles

By Tali Rackner

Norfolk, Va., Aug. 12 – Setco Automotive Ltd. informed the Bombay Stock Exchange that its board of directors met on Wednesday and approved raising up to Rs. 1 billion of funds through convertible securities and equity shares.

The securities will be issued through public or private offerings including qualified intuitional placement.

Setco is a Mumbai-based company that produces and sells clutches for medium and heavy commercial vehicles.

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