Financial Technologies holders OK possible $500 million convertibles offering

By Laura Lutz

Washington, Nov. 28 - Financial Technologies India Ltd. announced that its shareholders have authorized a possible $500 million offering of equity shares, depositary receipts, debentures, foreign currency convertible bonds, warrants or other convertible securities.

Shareholders authorized the deal at a Nov. 25 extraordinary general meeting.

The timing and terms of the offering are at the discretion of Financial Technologies' board.

Up to $200 million of the proceeds will be used to fund expansion and diversification plans or investment in joint ventures or subsidiaries. No more than $100 million of that amount will be raised through equity offerings.

Up to $300 million of the proceeds will be used to fund possible mergers or acquisitions.

Based in Mumbai, Financial Technologies provides transaction processing and other technologies to financial companies.

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