Accentia Technologies plans to issue up to $10 million of convertibles

By Angela McDaniels

Seattle, Feb. 23 - Accentia Technologies Ltd. plans to raise up to $10 million through the sale of foreign-currency convertible bonds, convertible debentures or notes, secured premium notes, securities linked to equity shares through American Depositary Receipts or Global Depositary Receipts or any other security convertible into equity shares.

The company may also issue equity shares or preference shares, according to a company notice filed with the Bombay Stock Exchange.

The securities will be denominated in foreign currency and will be offered to foreign investors through public offerings, private placements or preferential allotments.

Proceeds will be used to fund the acquisition of business process outsourcing companies in the United States.

The company will hold an extraordinary general meeting of shareholders on March 23 to vote on the proposal. The board of directors approved the proposal at a meeting on Friday.

At the meeting, the board also decided to acquire Asscent Infoserve Pvt. Ltd. and two other domestic companies by way of a convertible debentures issuance.

Accentia is a software and business process outsourcing company based in Navi Mumbai, India.

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