The Hindu Business Line : Uttam Galva GDR listed on Singapore SE

"We are proud to be the first GDR to be listed in Singapore. Singapore is fast emerging as a destination of choice for access to a global pool of funds," said Mr Rajinder Miglani, Chairman & Managing Director, Uttam Galva Steels Ltd.

Uttam Galva Steels Ltd is listed on the Bombay Stock Exchange, National Stock Exchange, the Delhi Stock Exchange and the Calcutta Stock Exchange.

Uttam Galva Steel Ltd is one of the largest manufacturers of cold-rolled steel and galvanised steel (GP) in Western India.

The stock on the BSE closed unchanged at Rs 33.5 though volumes jumped to 3.48 lakh shares against the two-week average of Rs 2.65 lakh shares.

"SGX provides companies an alternative avenue to access the Singapore capital market for global funds and broaden their investor base," said Mr Lawrence Wong, Executive Vice-President and Head of Listings at SGX.

Listing of GDRs on SGX is a fast and cost efficient method of accessing capital from a large pool of international funds, a statement from the Singapore Stock Exchange said.

Uttam Galva Steels has informed the BSE that GDR issue of $20 million has been successfully subscribed out of $30 million ($10 million green-shoe option).

The company has issued 2.19 crore GDRs at an offer price of $0.915 per GDR each representing one equity share of Rs 10 each.

Subsequently, the company has allotted 2.19 crore underlying equity shares of Rs 10 each in favour of the Depository, JP Morgan Chase Rank, at the meeting of the board of directors of the company held on March 29.