Aksh Optifibre closes GDR issue

Aksh Optifibre Ltd has announced that for the issue of GDRs by the Company, It is inform that the Company has successfully closed its GDR issue of US$ 25Mn and the Board of Directors of the Company in its meeting held on September 01, 2010, has allotted 58,287,500 equity shares underlying 1165750 GDRs.

Further, the Board of Directors in its meeting held on September 01, 2010 approved resignation of Dr. Kailash S Choudhari, from the position of Managing Director of the Company. However, he continues to be a Director on the Board of Company and shall be primarily involved in expansion of Company's overseas business through its wholly owned overseas subsidiary.

The Board also approved appointment of Mr. Chetan Choudhari as whole time Director of the Company.

The stock was trading at Rs.21.10, up by Rs.0.30 or 1.44%. The stock hit an intraday high of Rs.21.60 and low of Rs.20.80.

The total traded quantity was 85079 compared to 2 week average of 175190.

Source : Equity Bulls

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