Vaibhav Gems allots GDRs

Vaibhav Gems Ltd has announced that the Board of Directors of the Company at its meeting held on October 12, 2007, inter alia, has taken the following decisions:

1. 411,060 Global Depositary Receipts representing 41,10,600 Equity Shares having a par value of Rs 10 each at a premium of Rs 220/- per share have been allotted to Nalanda India Fund Ltd, Mauritius.

Accordingly, the Company has issued a Share Certificate representing the aforesaid 41,10,600 Equity Shares in the name of Bank of New York, Depositaries for the GDRs and delivered the same to ICICI Bank Ltd, Custodians on their behalf.

2. Mr. Pulak Prasad has been appointed as Additional Director to hold office from the conclusion of this meeting till the conclusion of the next Annual General Meeting of the Company.

Source : Equity Bulls

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