Rasoya Proteins board OKs possible $20 million convertibles offering

By Laura Lutz

Des Moines, March 14 - Rasoya Proteins Ltd.'s board decided to raise $20 million from an issue of foreign currency convertible bonds, global depositary receipts, American depositary receipts or qualified institutional placements.

Proceeds will be used for new projects.

The board will call an extraordinary general meeting on April 19 to seek shareholder approval for the offering.

Based in Maharashtra, India, Rasoya produces vegetable oils and other chemicals.

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