Sesa Goa OKs plans to issue up to $500 million in convertible bonds

By Devika Patel

Knoxville, Tenn., Sept. 24 - Sesa Goa Ltd. informed the Bombay Stock Exchange that its board of directors approved plans at a meeting on Sept. 24 to issue up to $500 million in foreign currency convertible bonds.

Goldman Sachs (Asia) LLC and Morgan Stanley & Co. International plc are the joint bookrunners.

Proceeds will be used for financing growth plans, including an increase in the company's mining capacity through organic and inorganic routes.

Based in Panaji, India, Sesa Goa is an iron ore producer and exporter.

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