India’s Panyam Cements & Mineral OKs up to Rs. 978 million debentures

By Tanya Meyer

Chicago, Feb. 1 – Panyam Cements & Mineral Industries Ltd. announced its board of directors at a Feb. 1 meeting approved the issuance of up to Rs. 978 million in secured, redeemable, non-convertible debentures, according to a filing with the Bombay Stock Exchange.

The debentures, with a face value of Rs. 1 million each, will be issued on a private placement basis in one or more tranches.

The board of directors also appointed IDBI Trusteeship Services Ltd. as the trustee for the transaction.

Panyam Cements & Mineral is a Hyderabad, India-based cement manufacturing company.

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