Financial Daily from THE HINDU group of publications
Friday, Dec 31, 2004
Financial Daily from THE HINDU group of publications Friday, Dec 31, 2004 |
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Markets
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Stock Markets Mascon raises $16 m from European market Our Bureau
New Delhi , Dec. 30 MASCON Global Ltd on Thursday announced it has raised $16 million from the European market, following which the company's board has approved the allotment of 3.6 crore underlying shares of Rs 10 each towards the issue of 90 lakh global depository receipts (GDR) of $1.80 each. The GDRs issued by the depository, Deutsche Bank Trust Company Americas, will be listed on the Luxembourg Stock Exchange. "The proceeds from the GDR will be used to fund acquisitions, retire past high cost debt, and expansion of Chennai and Bangalore facilities," Mr Sandy K. Chandra, CEO and Chairman of Mascon Global Ltd, said. He said the company was in the final stages of identifying firms for acquisition and hoped that the process would be completed by March 2005. He said the GDR attracted investors such as Investec, UBS besides high net worth individuals from Europe and US. Accordingly the paid-up capital of the company will increase to Rs 177 crore from Rs 141 crore earlier.
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