Sql Star shareholders approve $20 million convertibles issue

By Laura Lutz

Washington, Feb. 12 - Sql Star International Ltd. announced that its shareholders granted authority to the board to conduct a $20 million convertibles offering.

The offering may include global depositary receipts, foreign currency convertible bonds, American depositary receipts or other securities. It could be made in the Indian or international markets.

The company's board approved the issue at a meeting on Jan. 17.

When the board meeting was scheduled on Jan. 8, the company announced a $15 million maximum size for the deal. On Jan. 11, consideration of the issue was moved to Jan. 17 from Jan. 23 because of time constraints.

Sql Star is an information technology services company based in Hyderabad, India.

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