Jindal Cotex opens GDR issue

Jindal Cotex Ltd has announced that the Board of Directors of the Company at its meeting held on June 05, 2010, inter alia, has approved the opening of GDR (Global Depository Receipt) issue for an aggregate amount up to US$-50 millions after obtaining the requisite regulatory approvals. The minimum issue price of the said GDRs i.e. for the underlying Equity Shares has been determined at Rs. 86/- per Equity share as per the amended guidelines vide circular dated November 27, 2008 issued by the Ministry of Finance, Government of India.

The stock was trading at Rs.90.75, up by Rs.0.90 or 1%. The stock hit an intraday high of Rs.92.75 and low of Rs.86.10.

The total traded quantity was 67594 compared to 2 week average of 106809.

Source : Equity Bulls

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