India's Great Eastern Shipping has confirmed a sale of new debt worth up to INR 1.5bn ($23m).
A special committee of the company approved the deal in Mumbai on Tuesday.
The unsecured non-convertible debentures will mature over 10 years and pay interest of 8.25%.
The company has been in expansion mode over the past few months, adding tonnage.
It swung to a loss of INR 341.6m
