Jai Balaji Sponge board OKs $50 million convertibles offering

By Laura Lutz

Des Moines, April 26 - Jai Balaji Sponge Ltd.'s board approved a possible issue of convertibles for up to $50 million.

The offering may include foreign currency convertible bonds, foreign currency convertible notes, Global Depositary Receipts, American Depositary Receipts, secured premium notes or other securities.

The offering may be conducted in one or more tranches.

Jai Balaji Sponge is a sponge iron manufacturer based in Kolkata, India.

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