Indusind Bank allots GDRs

Indusind Bank Ltd has announced that the Bank has successfully concluded the issue of Global Depository Receipts (GDRs) numbering 3,51,92,064 issued at approx. USD 1.47 each. Each GDR would be represented by one equity share of the Bank of the face value of Rs 10/-, fully paid. Application has been made to the Luxembourg Stock Exchange for listing of the said GDRs. The Overseas Depository for the GDRs is The Bank of New York.

Further the Bank has informed that pursuant to the allocation of GDRs, the Finance Committee of the Board of Directors of the Bank at its meeting held on June 24, 2008 has allotted 351,92,064 shares underlying the said Global Depository Receipts. The new shares shall rank pari passu in all respects with the existing equity shares of the Bank.

The stock was trading at Rs.61.50, down by Rs.1.50 or 2.38%. The stock hit an intraday high of Rs.63 and low of Rs.60.

The total traded quantity was 223888 compared to 2 week average of 301900.

Source : Equity Bulls

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