Sterling International raises $175 million through GDR issue

Sterling International Enterprises Ltd has announced that the Company on December 15, 2009 has raised USD 175 million by Issue of 18,402,841 Global Depositary Receipts (GDR's) at an offer price of USD 9.51 per GDR equivalent to Rs. 110/- per equity share. Each GDR representing 4 underlying Equity Share of Re. 1/- each. The GDR's are proposed to be listed on Luxemburg Stock Exchange.

The GDR have an over-allotment option to the extent of 15% to be exercised with in a period of one month.

The stock closed the day at Rs.108.10, down by Rs.1.90 or 1.73%. The stock hit an intraday high of Rs.112.50 and low of Rs.107.70.

The total traded quantity was 1155 compared to 2 week average of 4654.

Source : Equity Bulls

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