Rainbow Papers allots 10235455 shares

Rainbow Papers Ltd has announced that the Board of Directors of the Company at its meeting held on January 28, 2010, has allotted 10235455 equity Shares of Rs. 10/- each, in terms of placing of 10235455 GDRs at a price of US $ 2.64 per GDR (Rs. 121/- per equity share). The GDR issue of the Company opened on January 21, 2010 and closed on January 27, 2010.

The said GDR issue has been fully subscribed and the listing application for the aforesaid underlying Equity Shares in terms of GDR issue is being made separately to the exchange. The GDR so issue are proposed to be listed at the Luxembourg Stock Exchange on January 29, 2010.

The stock closed the day at Rs.113, up by Rs.5.20 or 4.82%. The stock hit an intraday high of Rs.116.80 and low of Rs.109.50.

The total traded quantity was 8395 compared to 2 week average of 18097.

Source : Equity Bulls

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