Vaibhav Gems to raise US$ 25 Million

Vaibhav Gems Ltd has announced that the Company is proposing to raise funds in the international markets by issuing Global depositary Receipts ("GDRs") up to USD 25 million to the overseas investors to fund its expansion programs.

The Board of directors on August 30, 2007 and the shareholders on September 27, 2007 have approved the issue of GDRs, Convertible warrants and / or any other financial instrument (not being debentures) to the extent of Rs 250 Crores.

Further the Company has informed that, the GDR issue has opened on October 12, 2007.

The stock closed the day at Rs.173, up by Rs.3.10 or 1.82%. The stock hit an intraday high of Rs.179 and low of Rs.170.30.

The total traded quantity was 767 compared to 2 week average of 1799.

Source : Equity Bulls

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