Glory Polyfilms approves GDR issue

Glory Polyfilms Ltd has announced that the Board of Directors of the Company at its meeting held on February 08, 2010, have approved the issue of 3,500,000 Global Depositary Receipts representing 7,000,000 Equity Shares, par value of Rs. 10 each (subject to an over-allotment of up to a further 1,500,000 Global Depositary Receipts representing 3,000,000 Equity Shares in one or more tranches) to be listed on Luxembourg Stock Exchange (LuxSE), at such offer price as may be decided in consultation with the lead manager. The issue will be opened for subscription to the persons resident outside India on February 11, 2010.

The stock was trading at Rs.25.10, up by Rs.0.30 or 1.21%. The stock hit an intraday high of Rs.26.40 and low of Rs.25.05.

The total traded quantity was 57361 compared to 2 week average of 322384.

Source : Equity Bulls

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