Flex Industries shareholders OK issue of up to $250 million convertibles

By Angela McDaniels

Seattle, Feb. 7 - Flex Industries Ltd. received shareholder approval to issue up to $250 million of foreign-currency convertible bonds, equity securities, Global Depositary Receipts or shares or American Depositary Receipts or shares from time to time.

The company will issue the first tranche totaling $85 million once it receives the necessary approvals, according to a company notice filed with the Bombay Stock Exchange.

The Noida, India-based flexible packaging manufacturer received shareholder approval at an extraordinary general meeting on Wednesday.

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