Filatex India obtains approval for $25 million in convertibles

By Devika Patel

Knoxville, Tenn., March 11 - Filatex India Ltd. informed the Bombay Stock Exchange that its shareholders approved plans to issue up to $25 million in foreign currency convertible bonds through a postal ballot.

The company's board of directors approved the proposal at a meeting on Jan. 28.

Filatex also is considering issuing Global Depositary Receipts and American Depositary Receipts.

Filatex India, based in New Delhi, manufactures monofilament yarns for zippers, tooth brush bristles, Velcro, magic fasteners and forming fabrics.

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