Financial Daily from THE HINDU group of publications
Saturday, Apr 10, 2004
Financial Daily from THE HINDU group of publications Saturday, Apr 10, 2004 |
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Markets
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Foreign Institutional Investors Citigroup buys 8.06 lakh GDRs of ACC Our Bureau
Mumbai , April 9 CITIGROUP Global Market Inc has purchased 8,06,000 global depository receipts (GDRs) of Associated Cement Companies, according to a notice sent to the stock exchanges by ACC. This is by way of Citigroup exercising the greenshoe option of $5 million in ACC's GDR issue of $40 million, Citigroup being the sole book runner and underwriter for ACC's recent double-barrelled issue of $60 million foreign currency convertible bonds and $40 million GDRs. It is proposed that the date of delivery of the GDRs purchased by Citigroup and payment for it shall be on or before April 26, 2004, said ACC. The company intends to use the net proceeds of its aggregate offering for funding its acquisition of Bargarh Cement Ltd (formerly IDCOL Cement Ltd); for modernisation of its Chiabasa plant; for setting up a captive power plant, and for other capital expenditure.
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