Bhoruka Aluminium to raise $10 million through GDR issue

Bhoruka Aluminium Ltd has announced that the Board of Directors of the Company at its meeting held on October 25, 2010, inter alia, has approved the proposed Global Depository Receipts (GDR) issue up to an aggregate of US$ 10 Million (US Dollar Ten million only).

The aforesaid issue of GDRs will open for subscription to the persons resident outside India tentatively on November 08, 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 Board 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. 41.04 (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. 41.10 (INR).

The stock closed the day at Rs.39.70, down by Rs.0.50 or 1.24%. The stock hit an intraday high of Rs.42.10 and low of Rs.39.70.

The total traded quantity was 0.20 lakhs compared to 2 week average of 0.23 lakhs.

Source : Equity Bulls

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