INDIA: Jindal Cotex Raises USD 38.75 mn via GDR Issue

INDIA: Jindal Cotex, engaged in manufacture of 100% acrylic, polyester spun grey yarns today announced that it has raised USD 38.75 million via issuing global depository receipts/shares (GDR/GDS).

The aforesaid funds have been raised via concluding the placement of 5,000,000 GDR/GDS at USD 7.75 a global depository receipts / shares (Representing 20,000,000 equity shares of Rs 10) each totaling USD 38.75 million.

Accordingly, the board has approved and allotted 5,000,000 global depository receipts / shares and 20,000,000 underlying equity shares of Rs 10 each representing the said GDR / GDS. The GDR/GDS will be listed on Luxemburg Stock Exchange.

Shares of the company declined Rs 0.8, or 0.67%, to trade at Rs 118. The total volume of shares traded was 796,552 at the BSE (12.51 p.m., Wednesday). Total volume of shares traded on the bourses today was lower by 9.57% to 796,552 compared with 22-day average volume of 880,870.

The stock had outperformed the market over the past one month till Jun. 29, 2010, rising 42.62% compared with the Sensex`s 3.98% rise. It outperformed the market in past one quarter, gaining 43.31% as against 1% fall in the Sensex.

About Jindal Cotex
Jindal Cotex Limited (JCL) is a flagship company of Jindal group of Ludhiana. Ludhiana is an industrial hub of Punjab which is also known as Manchester of India. The Jindal Group was promoted by Sh. Jagdish Rai Jindal in 1977 with trading business of iron and steel.

In 1998, the Group diversified into textile business and promoted JINDAL COTEX LIMITED with the mandate of manufacturing of synthetic, cotton and blended yarns. At its incorporation the company had an installed capacity of 7000 Spindles. Today the capacity has increased multifold to the level of 24000 Spindles. Having customer as the prime determinant, they consider 'Finest Quality' as their primary objective.

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Added: June 30, 2010 Source: IRIS
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