PSL shareholders to consider possible convertibles issue for Rs. 2 billion

By Laura Lutz

Washington, Dec. 28 - PSL Ltd. plans to convene an extraordinary general meeting of its shareholders on Jan. 25 to authorize an issue of up to Rs. 2 billion of securities including convertibles.

The offering, which would be conducted in one or more tranches, could include global depositary receipts; foreign currency convertible bonds; convertible bonds; debentures; equity shares; cumulative, redeemable, partly convertible or convertible preferred shares; or other convertible securities.

The price or exercise price of the securities would not be lower than Rs. 207.34.

PSL is a Kachigam, India-based maker of steel pipes and coatings.

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