Accentia board approves up to $10 million of proposed convertibles

By Ashley Montgomery

Kansas City, Kan., Nov. 28 - Accentia Technologies Ltd. informed the Bombay Stock Exchange that its board of directors approved an up to $10 million issue of convertible bonds.

As alternatives, the company may issue preferential share allotments or warrants to promoters or PACs and preferential allotments to foreign corporate bodies, domestic corporate bodies, financial institutions, or domestic financial institutions.

Proceeds will be used to fund the growth of the company's healthcare receivables cycle management business in the United States.

The board of directors approved the proposal on Nov. 26.

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

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