Farmax India concludes placement of GDRs

Farmax India Ltd has announced that the Company has successfully concluded placement of 4,250,000 Global Depository Receipts at US$ 14.1 per Global Depository Receipt (Representing 21,250,000 Equity Shares of Rs. 5/- each) totaling to USD 59.925 mn.

Accordingly, the Board of Directors in their meeting held on June 29, 2010 approved and allotted 4,250,000 Global Depository Receipt and 21,250,000 underlying Equity Shares of Rs. 5/- each representing the said GDRs and the said GDRs will be listed on the Luxembourg Stock Exchange.

Further, the said GDR have an over-allotment option to the extent of 20% to be exercised within a period of 45 days.

The stock was trading at Rs.125.50, down by Rs.0.95 or 0.75%. The stock hit an intraday high of Rs.127.45 and low of Rs.125.30.

The total traded quantity was 153869 compared to 2 week average of 300982.

Source : Equity Bulls

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