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PANAMA PETROCHEM LTD. - Issue of Global Depository Receipts (GDRs)

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Panama Petrochem Ltd has informed BSE that the Company GDR Issue closed on July 20, 2011 and the Company received orders for 491,469 GDRs at a price of US$ 28.486 per GDR. The Board of Directors of the Company at its meeting held on July 20, 2011, allotted 2,457,345 equity shares of Rs 10 each in the capital of the Company in favour of the overseas Depositary. Each GDR represents five underlying equity share in the Company. The GDRs have been listed on the Luxembourg Stock Exchange July 20, 2011. Quest partners S.A. lead managed the issue with Citibank, N.A. as the Depositary. The legal counsel to the issue was Rajani Associates.


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