Man Industries, steel pipe manufacturers, said today its Global Depository Receipts (GDRs) have been delisted from the NASDAQ Dubai Stock Exchange. In a release to the stock exchanges it said that all the outstanding GDRs have been converted
Late November of this year, Dubai Financial Services Authorities (DFSA) had suspended the trading of the company’s GDRs from its official list.
In 2006 the company had issued 67.3 lakh GDRs at $ 5.20 a piece. In April 2012, Bank of New York Mellon, the depository of the GDRs said that they did not want to continue as depository to the GDRs issued by the company.
Shares of the company were trading up 1.1% at RS 133.95 on the BSE on Tuesday.
