Sujana Towers closes GDR issue, raises $30 million

Sujana Towers Ltd has announced that the Management Committee of the Board of Directors of the Company at its meeting held on December 23, 2009, has decided to open the issue of Global Depository Receipts (GDRs) to an extent of US$ 30.00 Millions on December 23, 2009.

Further the Company has informed that the Meeting was adjourned and in the adjourned meeting, it has also been decided to close the GDR Issue on December 23, 2009 itself.

Accordingly the Company has opened and closed the GDR issue upto US$ 30.00 Millions on December 23, 2009.

Further the Company has informed that the Management Committee in its adjourned meeting held on December 23, 2009 has allotted 53,57,140 Global Depositary Receipts (GDRs) (representing 2,67,85,700 equity shares of Rs. 5/- each) at a price of US $ 5.60 per GDR.

The Board has allotted 1,00,00,000 equity shares of Rs. 5/- each at a premium of Rs. 50/- per share by way of conversion of 1,00,00,000 convertible warrants which were allotted on December 21, 2009.

The stock was trading at Rs.51.50, up by Rs.0.95 or 1.88%. The stock hit an intraday high of Rs.55.60 and low of Rs.51.

The total traded quantity was 328075 compared to 2 week average of 96020.

Source : Equity Bulls

Keywords