Man Industries issues GDRs, lists in DIFX

Dubai Bank has announced that "Man Industries India Ltd had issued Global Depository Receipts (GDRs), worth 35 million listed on the Dubai International Foreign Exchange (DIFX) in March 2006. As per the term of the issue each GDR is convertible into one locally denominated share. Dubai Bank acted as Lead Manager to the issue and had also subscribed for 4,624,386 GDRs for the proprietary Investment book as well as for its customers.

In view of the poor liquidity of GDRs at the DIFX, several customers have expressed an interest to convert their holding into Indian shares. The shareholding of 1,463,475 shares currently being reflected against our name is on account of such conversion.

The main motivation for this conversion is to take advantage of the relatively higher liquidity in the Indian Stock market. At this point of time Dubai Bank does not intend to and is not aware of any intention by its customers to use the local shareholding as a means of interference in the management of Man Industries."

Source : Equity Bulls

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