India's Flex Industries gains shareholders OK to mortgage property, issue $250 million of securities

By Angela McDaniels

Seattle, Feb. 7 - Flex Industries Ltd. said it received shareholder approval to mortgage or charge its present and future properties to banks, lending institutions or bond trustees in order to secure up to Rs. 25 billion of loans, working capital facilities, bonds or other financial instruments.

The Rs. 25 billion cap includes principal, interest and fees.

The board also received shareholder approval to issue up to $250 million of Global Depositary Receipts or shares, American Depositary Receipts or shares, equity securities, foreign-currency convertible bonds or any other equity-related instruments from time to time.

The company will issue the first tranche totaling $85 million after it receives the necessary approvals, according to a company notice filed with the Bombay Stock Exchange.

The Noida, India-based flexible packaging manufacturer received the approvals at an extraordinary general meeting of shareholders on Wednesday.

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