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Usha Martin board nod for GDR issue

KOLKATA: The board of Usha Martin has approved the issue of $25 million global depository receipts/foreign currency convertible bonds along with a 20 per cent greenshoe option. The GDRs would be listed on the Luxembourg Stock Exchange. Company sources said each warrant would be priced at Rs. 153 a share of Rs. 5 each. The board also approved a Rs. 462 crore capital expansion programme for strengthening the wire and the wire-rope business along with a capacity expansion of the steel plant.

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