Rishabhdev Technocable to issue 4085000 GDRs

Rishabhdev Technocable Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2009, inter alia, has accorded to issue and allot 4,085,000 global depositary receipts representing 8,170,000 equity shares of par value of Rs. 10 each, at an offer price of US$ 0.8564 per global depositary receipt to Deutsche Bank Trust Company Americas. The global depositary receipts shall be listed on the Luxemberg Stock Exchange subject to the terms specified in the Offering Circular dated October 30, 2009.

The stock was trading at Rs.19.75, down by Rs.0.75 or 3.66%. The stock hit an intraday high of Rs.21.50 and low of Rs.19.15.

The total traded quantity was 390603 compared to 2 week average of 378365.

Source : Equity Bulls

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