Panama Petrochem to raise $14 million via GDR issue

Panama Petrochem will open its GDR Issue for subscription on July 18, 2011 and close the same on July 20, 2011 or as soon as the issue is fully subscribed. The company from this offering expects to raise $14 million.

The company’s board of directors in the meeting held on July 15, 2011 have fixed the price for the underlying equity Shares at Rs 253.68 each. Each GDR represents five (5) underlying shares in the company. The company as on September 25, 2010 received its shareholder’s approval for the offering.

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.