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Our Bureau

Hyderabad , Jan. 21

GRANULES India Ltd has informed the stock exchanges that following the approval of its shareholders at the extraordinary general meeting held on September 25 last year to issue up to $15-million global depository receipts (GDRs), each representing one equity share of Rs 10 each in the share capital of the company, the GDR issue was opened on January 13 and closed on January 19.

The company said it has received an amount of $86,50,316 as subscription monies to the escrow account maintained at ICICI Bank. It has issued one GDR of $2.3 aggregating to 37,61,007 GDRs against the subscription monies received.

Further, the company said its board meeting held on January 20 has issued and allotted 37,61,007 equity shares of Rs 10 each in favour of the Depository. The Bank of New York, being the underlying shares, issued in the ratio of one GDR for one equity share.

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