Pentamedia raises ADR/GDR issue size

CHENNAI: Shareholders of Pentamedia Graphics Ltd on Friday approved a resolution increasing the company's proposed issue of American Depositary Receipts (ADR)/Global Depositary Receipts (GDR) to $200 million from $60 million, the firm's chief said on Friday.

"This is just an enabling resolution, and since most of the FIIs (foreign institutional investors) are interested in an issue only above a certain size, we decided to get the shareholders approval for an enhanced size," V. Chandrasekaran, chairman and chief executive officer of thee firm told reporters.

Shares of Pentamedia Graphics were up by Rs 22.70 at Rs 570 at 12:30 p.m. (0700 GMT) on the Bombay Stock Exchange. The firm is one of over 20 Indian companies planning to list ADRs/GDRs in 2000/01 (April-March).

(C) Reuters Limited 2000.