Spanco board authorizes possible offering for up to Rs. 1.75 billion

By Jennifer Chiou

New York, Dec. 20 - Spanco Telesystems & Solutions Ltd. informed the Bombay Stock Exchange that its board approved an up to Rs. 1.75 billion issue of foreign currency convertible bonds.

The offering may include equity shares, Global Depositary Receipts, American Depositary Receipts, foreign currency convertible bonds, warrants and bonds.

The Mumbai, India, telecommunications company said proceeds will go toward funding expansion plans.

A shareholders meeting will take place on Jan. 23.

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