Prajay Engineers gets approval for up to $50 million in convertibles

By Devika Patel

Knoxville, Tenn., Dec. 24 - Prajay Engineers Syndicate Ltd. informed the Bombay Stock Exchange that it approved an issue of up to $50 million in convertible bonds at an extraordinary general meeting on Monday.

Other securities being considered are Global Depositary Receipts, American Depositary Receipts, equity shares and other financial instruments convertible into equity shares.

Prajay Engineers is a Hyderabad, India-based residential and commercial property developer.

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