Calcutta, Aug 25: Usha Beltron Ltd, the flagship of the Usha Martin group owned by the Jhawars, has completed the placement of 35,00,000 global depository receipts (GDRs) at a price of $3.25 each, according to a release of the Calcutta-based company.The issue, lead-managed by Robert Flemings, United Kingdom, aggregates to $11.38 million which is equivalent to Rs 522 million approximately.
Each global depository receipt is represented by one equity share of Rs 10 of the company. The issue is priced at a premium of approximately four per cent over the closing price of Rs 143.55 of the company's scrip on the stock exchange, Mumbai on August 14, 2000.
Usha Beltron is a diversified engineering and technology corporation that makes jelly-filled telephone cables, steel, wire and wire ropes. Its knowledge-based business consists of United States-based Usha Communication Technology Ltd, Chennai-based Usha Martin Academy of Communication Technology and USOFT.
The company's proposed hiving off of its knowledge-based business into a separate company - Usha Martin Infotech Ltd - is awaiting the approval of the Calcutta high court.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.