SEL Manufacturing Company approves GDR issue

SEL Manufacturing Company Ltd has announced that the Board of Directors of the Company at its meeting held on December 01, 2009, have approved the issue of 5,600,000 Global Depositary Receipts representing 5,600,000 Equity Shares, par value of Rs. 10 each (subject to an over-allotment of up to a further 2,800,000 Global Depositary Receipts representing 2,800,000 Equity Shares in one or more tranches) to be listed on the Luxembourg Stock Exchange (LuxSE), at such offer price as may be decided in consultation with the lead manager, Silverdale services Ltd. The issue to be opened for subscription to the persons resident outside India on December 04, 2009.

The stock closed the day at Rs.76.65, up by Rs.7.50 or 10.85%. The stock hit an intraday high of Rs.77.70 and low of Rs.69.85.

The total traded quantity was 1648256 compared to 2 week average of 211199.

Source : Equity Bulls

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