Nagarjuna Construction up on GDR pricing success

DALAL STREET SPIKES

The Nagarjuna Construction stock soared by five per cent to close at Rs 245 on the BSE.

This was following the announcement by the company that it has successfully priced its US$ 10.5 crore (Rs 479 crore) Global Depository Receipts (GDR) issue at US$ 5.11 per GDR each of which represents one equity share of the company.

The GDRs will be traded on the Euro MTF Market of the Luxembourg Stock Exchange, the IOB platform of the London Stock Exchange and on Nasdaq's PORTAL market.

Proceeds from the offering will be used primarily for investment in BOT and BOOT projects and for other purposes including the repayment of short term debt and capital expenditure.