India's Aksh Optifibre board OKs up to $40 million convertibles sale

By Devika Patel

Knoxville, Tenn., Nov. 13 - Aksh Optifibre Ltd. informed the Bombay Stock Exchange that, at a meeting held on Nov. 10, its board of directors has decided to issue up to $40 million in convertibles.

Shareholders will vote on the proposal at an extraordinary general meeting.

Securities being considered are Global Depositary Receipts and foreign currency convertible bonds.

Based in Haryana, India, Aksh Optifibre manufactures and exports optic fiber cables.

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