Shilpa Medicare shareholders OK $15 million convertibles offering

By Angela McDaniels

Seattle, Jan. 22 - Shilpa Medicare Ltd. said its board of directors received shareholder approval at an extraordinary general meeting to issue up to $15 million of foreign-currency convertible bonds, convertible debentures, securities linked to equity shares, Global Depositary Receipts convertible into equity shares or American Depositary Receipts convertible into equity shares.

The offering may be made to eligible investors including foreign institutions, non-resident Indians, corporations, mutual funds, banks, pension funds, trusts, individuals, financial institutions and insurance companies, according to a company notice filed with the Bombay Stock Exchange.

Shilpa is a pharmaceutical chemical company based in Raichur, India.

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