Bombay Rayon Fashions to raise funds via GDR

Bombay Rayon Fashions is planning to raise funds through a GDR issue. In a communication to the exchanges, the company said that its board has approved issue of upto 1,90,00,000 Global Depository Receipts (GDRs) representing equivalent underlying equity shares at a par value of Rs 10 at an issue price of $ 5.11 per GDR. The GDR will be open for subscription to persons resident outside India, on November 11, 2009.

Bombay Rayon Fashions rose 3.08 per cent from its previous close and was trading at Rs 194.30 at 12.36 hrs.