Rasoya Proteins shareholders approve $20 million convertibles offering

By Jennifer Chiou

New York, April 20 - Rasoya Proteins Ltd. informed the Bombay Stock Exchange that its shareholders decided to move forward with $20 million of financing 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 company's board approved the issue on March 14.

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

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