India's Electrotherm to issue Rs. 3 billion of convertibles

By Susanna Moon

Chicago, June 25 - Electrotherm India informed the Bombay Stock Exchange that it plans to raise Rs. 3 billion of convertible bonds, American Depositary Receipts and Global Depositary Receipts.

The offering was approved at a shareholders meeting June 25.

The company plans to issue $10 million of convertibles with a conversion price of Rs. 600.

Electrotherm is based in Ahmedabad, India, and manufactures furnaces, heavy machinery, electric vehicles and steel products.

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