Accentia Technologies shareholders OK up to $20 million convertibles issue

By Jennifer Chiou

New York, March 23 - Accentia Technologies Ltd. informed the Bombay Stock Exchange that its shareholders unanimously approved an up to $10 million issue of foreign-currency convertible bonds.

As alternatives, the company may opt to issue 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.

As already reported, proceeds will be used to fund the acquisition of business process outsourcing companies in the United States.

The board of directors approved the proposal on Feb. 23.

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

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