Nagarjuna board approves allotment of shares under GDR green shoe option

Hyderabad: The board of directors of Nagarjuna Construction Company (NCC) at their executive committee meeting held on Thursday, approved the allotment of 29.35 lakh equity shares underlying the global depository receipts (GDRs) under the green-shoe option facility exercised by the lead managers to the GDR issue.

Each GDR represents one equity share of Rs2 each and is priced at US$5.11.

The company earlier priced its US$105mn GDR issue at US$5.11 a GDR (Rs233.17) each, which represented one equity share of the company of a face value of Rs2 per share. The company had granted a green shoe option to the lead managers for up to 14.3 per cent of the issue size amounting to US$15mn.

The GDRs issued by the company have been listed on the Euro MTF Market of the Luxembourg Stock Exchange, the IOB platform of the London Stock Exchange and on NASDAQ's Portal market.