Pentamedia Graphics board clears 12.7-m GDR allotment

Our eFE Bureau

Chennai, July 17: Chennai-based Pentamedia Graphics Ltd approved the allotment of 12.7 million Global Depository Receipts (GDR) at the rate of $1.50 per GDR for cash to investors thereby raising $19.05 million (Rs 90 crore). The proceeds will be used to part-finance acquisitions, the spokesperson said.

Each GDR is represented by one underlying equity share and the issue has resulted in an equity dilution of 2.3 per cent. These GDRs along with the existing GDRs of Pentamedia Graphics Ltd, will be traded at the Luxembourg Stock Exchange.

The company on December 15, 2000, had sought and obtained an enabling resolution towards the allotment of GDRs to the tune of 16 million. Improvision, USA was acquired for 3.3 million GDRs in a stock swap deal.

Meanwhile, the shares of Pentamedia fell 1.2 per cent to close at Rs 65.25 on the National Stock Exchange.