India’s Williamson Magor board to discuss redeemable debenture issue

By Sarah Lizee

Olympia, Wash., Aug. 30 – Williamson Magor & Co. Ltd. notified the Bombay Stock Exchange that its board will meet on Sept. 7 to consider offering secured redeemable nonconvertible debentures.

The debentures would be issued on a private placement basis, according to the notice.

As previously reported, the company had planned to discuss the issue on Aug. 10 but did not due to an amendment to the Companies Act that came into force on Aug. 7.

The amendment requires no approval from board members for nonconvertible debentures to be offered on a private placement basis that, together with existing borrowings, will not exceed a specified limit in the act, according to a previous notice.

Williamson Magor is a non-banking finance company in Kolkata.

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