Uttam Galva raises funds through GDR Issue

Uttam Galva Steels Ltd has announced that the Global Depository Receipts (GDRs) of USD 20 million has been successfully subscribed out of USD 30 million Global Depository Receipts (GDRs) (10 million Green Shoe Option) to be listed on Singapore Stock Exchange shortly.

The Company have issued 2,18,57,924 GDR at an offer price of USD 0.915 per GDR each representing 1 Equity Share of Rs 10/- each. Subsequently, the Company has allotted 2,18,57,924 underlying Equity Shares of Rs 10/- each in favour of the Depository i.e. JP Morgan Chase Rank at the meeting of the Board of Directors of the Company held on March 29, 2007.

Source : Equity Bulls

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