India's Indo Rama Synthetics plans up to $100 million offering of convertible bonds, shares, or both

By Rebecca Melvin

Princeton, N.J., Oct. 13 - India's Indo Rama Synthetics Ltd. said it has received board approval for an offering of up to $100 million of foreign currency convertible bonds or shares, or both.

Board approval was received Thursday.

The shares would be in the form of global depository receipts or American depository receipts, the company said.

Bookrunners for the offering weren't yet selected, sources said. Nor had it been decided whether the offering would be in the form of shares or bonds.

The offering will be equal to about Rs. 4.5 billion, and is subject to shareholder approval and other approvals, the company said in a release.

Indo Rama, based in Nagpur in India's Maharashtra state, is a polyester maker.

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