Panama Petrochem has closed the GDR issue of the company on July 20, 2011, thereby receiving orders for 491,469 GDRs at a price of $28.486 per GDR. Each GDR which represents five underlying equity share in the company have been listed on the Luxembourg Stock Exchange on the similar day of its closure.
Quest partners S.A. lead managed the issue with Citibank, while N.A. acted as the depositary. The legal counsel to the issue was Rajani Associates.
Further the board of directors of the company at meeting held on July 20, 2011 has allotted 2,457,345 equity shares of Rs 10 each in the capital of the company in favour of the overseas depositary.
Panama Petrochem manufactures more than 80 product variants vital for nearly six to seven industry segments. They are in league with the giants of each industry. They are in collaboration with Lubcon, Germany for distribution of their specialized products.
| Company Name | CMP |
|---|---|
| Castrol India | 183.40 |
| Savita Oil Tech | 368.00 |
| Gulf Oil Lubricant | 988.00 |
| Gandhar Oil Refinery | 141.50 |
| Panama Petrochem | 278.00 |
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