Hinduja Foundries raises US$ 15 Million through GDR Issue

Hinduja Foundries Ltd has successfully raised US$ 15 Million through the GDR issue consisting of 7,142,856 GDRs. Three GDRs represent one underlying equity share in the Company. The issue opened on April 14, 2008 and will close an April 25, 2008. Each GDR is priced at US $2.10. The GDRs will be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market.

The Company has allotted 23,80,952 equity shares of Rs 10/- each in favour of The Bank of New York, the Depository as underlying shares for the aforesaid GDRs.

Amas Bank (Switzerland) Ltd acted as the Lead Manager on this transaction and Rajani Associates acted as Indian Legal Counsel to the transaction.

Source : Equity Bulls

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