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Parekh Aluminex may issue convertibles
By Devika Patel
Knoxville, July 6 - Parekh Aluminex Ltd has notified the Bombay Stock Exchange that it plans to raise up to $50 million in convertibles.
The proposal was approved at an extraordinary general meeting on Monday. The company also approved increasing its authorized capital to Rs. 160 million from Rs. 120 million and altering its capital clauses to effect this change.
Issued securities could include foreign currency convertible bonds, Global Depository Receipts and Qualified Institutions Placements.
Parekh Aluminex is a Mumbai, India-based manufacturing and exporting company of aluminum foil containers.
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