Bihar Tubes raises US$ 10 Million through GDR Issue

Bihar Tubes Ltd has announced that the Company has successfully completed the offering of Global Depository Receipts aggregating US$ 10,000,080 at the rate of US$ 6.80 per Global Depository Receipt to International Investor. The Closing date for the Issue is June 18, 2008. Consequently, the Company has allotted 1,470,600 Global Depositary Receipts representing 2,941,200 Equity Shares, par value of Rs 10/- each in favour of the subscribers.

These GDRs shall be admitted to listing on the Official List of the Luxembourg Stock Exchange ['LuxSE'] and to trading on the Euro MTF Market ['Euro MTF'].

Elara Capital PLC, London has been the sole Lead Manager Global Coordinator and Book Runner to the GDR Issue of the Company.

The stock closed the day at Rs.174.90, up by Rs.0.20 or 0.11%. The stock hit an intraday high of Rs.179.90 and low of Rs.171.

The total traded quantity was 115896 compared to 2 week average of 92315.

Source : Equity Bulls

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