Tulsi Extrusions approves GDR issue

The Board of Directors of Tulsi Extrusions Ltd at its Meeting held on March 11, 2011, has considered and approved the issue of Global Depository Receipts (GDR), up to an aggregate of US$ 15 Million (US Dollar fifteen million only).

The GDR issue will open for subscription to the persons resident outside India tentatively on March 21, 2011, 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 approved proposal to complete and comply with necessary trading and listing approvals from Luxemburg Stock Exchange, where the listing has been proposed along with updation of offering Circular by incorporating the necessary updates.

The 'revised minimum issue price' of the proposed GDR is now Rs. 19.03 (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 stock was trading at Rs.19.95, up by Rs.0.95 or 5%. The stock hit an intraday high of Rs.20.70 and low of Rs.19.30.

The total traded quantity was 1.20 lakhs compared to 2 week average of 0.50 lakhs.

Source : Equity Bulls

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