IKF Technologies to allot 162391440 shares for GDRs

IKF Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on May 15, 2009, inter alia, have Considered and Approved various Agreements like Placing Agreement, Deposit Agreement and the Escrow Account Agreement in respect of the GDR issue.

The Board has considered and approved the offering circular filed at Luxembourg Stock Exchange.

The board has approved the allotment of 162,391,440 equity shares of Rs 1/- each underlying 5,413,048 GDR's issued in the name of Depositary (The Bank of New York Mellon).

The stock was trading at Rs.2.97, down by Rs.0.02 or 0.67%. The stock hit an intraday high of Rs.3.08 and low of Rs.2.96.

The total traded quantity was 294507 compared to 2 week average of 487869.

Source : Equity Bulls

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