Delhi-based, global IT solutions company, Visesh Infotecnics Ltd. successfully closed its maiden Global Depository Receipts (GDR) offering of US $ 10,000,000 on the Singapore Stock Exchange (SGX) today.
The Company had opened its GDR issue on the SGX on Monday, the 3rd of December, 2007 through its Offering Circular putting on offer 4,654,762 Global Depositary Receipts representing 9,309,524 Equity Shares having par value Rs.10 at an offer price of US$ 2.148 per GDR. The GDRs were offered only to institutional investors, accredited investors or such other persons as contemplated under Sections 274 or 275 of the Securities and Futures Act (Cap 289) of the SGX.
In-principle approval for the listing of the GDRs on the Singapore Exchange Securities Trading Limited (the "SGX-ST") had been received by the Company, earlier last month. It may be noted that the in-principle approval granted by the Singapore Stock Exchange for the Listing and quotation of the GDRs is not to be taken as an indication of the merits of the GDRs. The Company has undertaken to apply to the BSE and NSE for listing of the underlying Shares when issued.
The GDR issue was Lead Managed by Hythe Securities Limited (UK) and the Global Coordinators for the issue were Global Absolute Capital Advisors Pvt. Ltd. (India).
It may be recalled that the shareholders of the Company, at the Extraordinary General Meeting held on the 27th February 2007, had approved issue/ allotment of Foreign Currency Convertible Bond/American Depository Bond/Global Depository Bond convertible into Equity shares/Preference Shares at the option of the Company and /or at the option of holder of the security up to US $ 10 million (Ten Million US Dollars) to be subscribed by Foreign Investors/ Institutions and / as or Corporate Bodies, Mutual Funds, Banks etc at such price as the Board in its absolute discretion deemed fit, in compliance with all applicable laws.
