India’s Parsvnath board approves Rs. 463.5 million of debentures

By Tali Rackner

Norfolk, Va., Aug. 12 – Parsvnath Developers Ltd. informed the Bombay Stock Exchange that its board of directors met on Friday and approved the issue of Rs. 463.5 million nonconvertible debentures via private placement.

The board also decided to defer the matter regarding recommendation of the issuance to the members of the company for their approval at the forthcoming annual general meeting, to the next meeting scheduled to be held on Aug. 20.

In addition, the board will consider a new proposal to issue nonconvertible debt at the Aug. 20 meeting.

Parsvnath Developers is a New Delhi-based real estate development company.

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