Resurgere Mines raises funds through GDR issue

Resurgere Mines & Minerals India Ltd has announced that the Board of Directors of the Company at its meeting held on June 25, 2010 successfully concluded placement of 5,208,333 Global Depository Receipts at US$ 10.32 per Global Depository Receipt (Representing 31,249,998 Equity Shares of Rs. 10/- each) totaling to USD 53.75 mn.

Further the Board has also approved and allotted 5,208,333 Global Depository Receipt and 31,249,998 underlying Equity Shares of Rs. 10/- each representing the said GDRs. The GDRs will be listed on the Luxembourg Stock Exchange.

After the allotment of underlying equity shares, the paid up equity capital of the Company stands increased from Rs. 285,415,500/- to Rs. 597,915,480/- comprising of 59,791,548 equity shares of Rs. 10/- each.

The stock was trading at Rs.104, up by Rs.6.50 or 6.67%. The stock hit an intraday high of Rs.106.90 and low of Rs.98.

The total traded quantity was 1658392 compared to 2 week average of 721535.

Source : Equity Bulls

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