Tulsi Extrusions to raise $15 million through GDR issue

Tulsi Extrusions Ltd has announced that the Board of Directors of the Company at its meeting held on July 20, 2010, inter alia, has considered and approved the issue of proposed Global Depository Receipts (GDR) up to an aggregate of US$ 15 Million (US Dollar fifteen million only).

The aforesaid issue of GDRs will open for subscription to the persons resident outside India tentatively on July 30, 2010, subject to necessary statutory and legal approvals and shall remain open for such number of days, as is prescribed in the relevant guidelines.

The company will complete and comply with necessary trading and listing approvals from Luxemburg Stock Exchange, where the listing has been proposed.

The minimum issue price of the proposed GDR is Rs. 34.19 (INR) which has been determined in accordance with the amended guidelines vide Circular, New Delhi dated November 27, 2008 issued by the Joint Secretary to the Government of India.

The issue price of the proposed GDR has been recommended at Rs. 45.00 (INR).

The stock closed the day at Rs.35.25, up by Rs.0.45 or 1.29%. The stock hit an intraday high of Rs.36.45 and low of Rs.35.05.

The total traded quantity was 75483 compared to 2 week average of 125175.

Source : Equity Bulls

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