Transgene Biotek approves issue of Rs. 5 billion in convertible bonds

By Devika Patel

Knoxville, Tenn., Oct. 1 - Transgene Biotek Ltd. informed the Bombay Stock Exchange that it approved plans to issue up to Rs. 5 billion foreign currency convertible bonds at a board of directors meeting on Sept. 30.

The company also is considering equity shares, Global Depositary Receipts, American Depositary Receipts and other debt instruments.

Transgene, based in Andhra Pradesh, India, is a biotechnology company focused on research, development and manufacturing of medical diagnostic products.

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