Prithvi Information Solutions to issue up to $70 million of convertibles

By Angela McDaniels

Seattle, March 13 - Prithvi Information Solutions Ltd. plans to issue up to $70 million of foreign-currency convertible bonds. Proceeds will be used for acquisitions and further business expansion, according to a company news release.

The issuance was approved by the board of directors at its meeting on Saturday. During the meeting, director PVR Rajendra Prasad resigned, S Lalith Prasad was appointed as an independent director and VV Rama Rao was appointed as alternate director to V Madhavi.

Prithvi Information Solutions provides information technology services and has head offices in Hyderabad, India, and Pittsburg.

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