Bombay Rayon to open GDR issue

Bombay Rayon Fashions Ltd has announced that the Committee of Directors of the Company duly authorised by the Board, at its meeting held on November 03, 2009 have decided to open issue of upto 1,90,00,000 Global Depository Receipts (GDRs) representing equivalent underlying equity shares, par value of Rs. 10 each at an offer price of not less than Rs. 230/- (converted into equivalent US $) each, pursuant to the Reserve Bank of India (RBI) automatic route contained in the RBI notification number FERA 214/2000 - RB, dated January 20, 2000, as amended from time to time, which permits the Company to make international offerings of Rupee denominated equity shares by way of issue of GDRs, to the persons resident outside India on such date as to be finalized in consultation with the Lead Managers to the Issue.

The stock was trading at Rs.198.40, up by Rs.9.15 or 4.83%. The stock hit an intraday high of Rs.200.40 and low of Rs.193.

The total traded quantity was 41068 compared to 2 week average of 105667.

Source : Equity Bulls

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