Tricom India raises USD 6 million via GDRs for expansion

Mumbai, May 11 (UNI) Tricom India Ltd, specializing in non-voice business process outsourcing (BPO) today successfully closed the GDR (Global Depository Receipt) issue by raising US Dollar 6 million through 12,20,000 GDRs.

Speaking on the occasion, Tricom India Ltd. managing director Chetan Kothari said ''the proceeds from the current GDR issue will be utilized mainly for the expansion and acquisition plans.'' Each GDR represents one equity share of Rs 10, amounting to US Dollar 5.026 million at a price of US Dollar 4.12 per GDR.

Post GDR, the paid up equity share capital of the company has increased from Rs 4.52 crores to Rs 5.74 crores.

The GDRs will be listed at Luxembourg Stock Exchange.

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