The board of directors of Shriram Transport Finance Company, which met today, approved a proposal to raise up to $60 million by issuing foreign currency covertible bonds (FCCBs)/global depository receipts (GDRs)/American Depository Receipts (ADRs).According to a release issued by the company to the BSE today, the meeting also approved a proposal to issue up to 1,27,04,870 equity shares of Rs 10 each and one crore warrants at Rs 110.10 per share to Shriram Holdings (Madras), a wholly-owned subsidiary of Shriram Financial Services Holdings.The warrants are convertible into equity shares within 18 months from the date of allotment, the release added.The board has called an EGM on October 17, 2005 to get shareholder approval for the proposals, the release added.
