Rishabhdev Technocable to allot 40 lakhs GDRs

Rishabhdev Technocable Ltd has announced that the Board of Directors of the Company at its meeting held on October 23, 2009, inter alia, has accorded their approval for the issuance and allotment of 4,000,000 Global Depositary Receipts (GDRs) representing 8,000,000 Equity Shares, par value of Rs 10 each (subject to an over-allotment of up to a further 2,000,000 Global Depository Receipts in one or more tranches) at an offer of US $ 0.8564 per Global Depository Receipt to be listed on the Luxembourg Stock Exchange (LuxSE), subject to the terms specified in the preliminary offering circular dated on or about October 23, 2009.

The stock closed the day at Rs.18.90. The stock hit an intraday high of Rs.20.20 and low of Rs.18.70.

The total traded quantity was 276943 compared to 2 week average of 229859.

Source : Equity Bulls

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