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Dhani Services Limited board approves sponsored Level III ADR

Posted On: 2021-03-06 22:07:20 (Time Zone: Arizona, USA)

Dhani Services Limited being a tech enabled subscription based healthcare and transaction finance provider, its services and business model is expected to be understood and valued by offshore investors; particularly in the United States. As a result, the board of directors of the Company (the "Board") at its meeting held today, i.e. Saturday, March 6, 2021, which was commenced at 5:30 P.M. and concluded at 6:05 P.M., was of the view that a sponsored Level III American Depositary Receipt ("ADR") / Depositary Receipts program listed on recognized stock exchanges (either NYSE and/or Nasdaq and/or any other overseas exchange) shall enhance the Company's liquidity position and broaden its investor base. Further, a sponsored ADR / Depositary Receipts program will provide existing eligible shareholders of the Company an opportunity to tender their shares by participation in the said sponsored program.

The Board has accordingly, subject to approval of the shareholders of the Company and other regulatory and/or statutory approvals, as applicable, approved:

- the issuance of sponsored ADRs under a Level III / Depositary Receipts program (not exceeding 15% of the existing share capital of the Company) pursuant to the transfer of underlying equity shares from eligible shareholders of the Company by way of a tender on the Indian exchanges for cash; and

- fresh issuance of equity shares for conversion into ADRs/ Depositary Receipts as required under relevant laws in connection with a Level III ADR/ Depositary Receipts program; and/or equity shares under a qualified institutions placement (not exceeding 15% of the post-issue share capital of the Company in aggregate), to augment the long term resources of the Company.

For the aforesaid proposed issuance, the Board has further authorized Capital Raising Committee, to appoint investment bankers and lawyers, as may be required, in the matter.

Shares of Dhani Services Limited was last trading in BSE at Rs.321.75 as compared to the previous close of Rs. 328.5. The total number of shares traded during the day was 38722 in over 1020 trades.

The stock hit an intraday high of Rs. 337.7 and intraday low of 319.85. The net turnover during the day was Rs. 12661084.

Source: Equity Bulls

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