Brushman India shareholders OK up to $20 million convertibles offering

By Angela McDaniels

Seattle, March 2 - Brushman India Ltd. received shareholder approval at an extraordinary general meeting on Wednesday to issue up to $20 million of securities that may include foreign-currency convertible bonds, according to a company notice filed with the Bombay Stock Exchange.

The shareholders approved the issuance of foreign-currency convertible bonds or convertible debentures convertible into equity shares or preference shares; Global Depositary Receipts; American Depositary Receipts; securities linked to equity shares; or preference shares representing convertible securities.

Brushman is a paint brush and hair care products manufacturer based in New Delhi, India.

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