Rasoya Proteins OKs up to $20 million in convertibles

By Devika Patel

Knoxville, Tenn., March 24 - Rasoya Proteins Ltd. informed the Bombay Stock Exchange that it approved plans to issue up to $20 million in foreign currency convertible bonds at a board of directors meeting on March 20.

Securities may also include Global Depositary Receipts, American Depositary Receipts and qualified institutional placements.

Proceeds will be used for new projects.

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

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