India's Bhushan Steel may issue up to $150 million of convertibles

By Angela McDaniels

Seattle, Oct. 16 - Bhushan Steel & Strips Ltd. said its shareholders approved the issuance of up to $150 million of convertible securities at the company's annual general meeting on Sept. 20.

The securities may be debentures, bonds, warrants, Global Depositary Receipts or American Depositary Receipts and may be convertible into equity shares or preferential shares. Alternatively, they may be convertible into GDRs or ADRs underlying equity shares or preference shares.

Bhushan is a manufacturer based in New Delhi, India, that makes rolled and galvanized steel products.

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