Kemrock Industries fixes GDR Price at Rs 460 per share

Kemrock Industries and Exports Ltd has announced that the Board of Directors of the Company at its meeting held on March 16, 2010, inter alia, considered and approved the opening of the issue of Global Depositary Receipts (GDRs) on or before March 31, 2010.

The Price for the underlying Equity Shares has been fixed at Rs 460/- per Equity Share and the ratio for conversion of GDRs in to Equity Shares at 1:1 (for every 1 GDR, 1 new Equity Share will be issued).

The Board formed a "GDR Issue Committee" of Directors to take all decisions in connection with and incidental to the issue of GDRs, including appointment of agencies and approval of the draft Offer Memorandum.

The stock was trading at Rs.462, up by Rs.6.25 or 1.37%. The stock hit an intraday high of Rs.472 and low of Rs.450.

The total traded quantity was 21478 compared to 2 week average of 47427.

Source : Equity Bulls

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