Nicholas Piramal board okays ADR/ADS issue

	Financial Daily from THE HINDU group of publications Friday, March 31, 2000

• AGRI-BUSINESS
• BANKING & FINANCE
• COMMODITIES
• CORPORATE
• INFO-TECH
• LOGISTICS
• MACRO ECONOMY
• MARKETING
• MARKETS
• NEWS
• OPINION
• POCKET
• INFO-TECH
• CATALYST
• INVESTMENT WORLD
• MONEY & BANKING
• LOGISTICS

• PAGE ONE
• INDEX
• HOME

News | Next | Prev

Nicholas Piramal board okays ADR/ADS issue

Our Bureau

MUMBAI, March 30

THE board of directors of Nicholas Piramal India Ltd today approved a proposal to go in for an issue of American Depository

Receipts (ADRs) or American Depository Shares (ADS) to raise $100 millions.

The fund will be used primarily for research, development and clinical trial initiatives, acquisitions and special projects.

The company has five major discovery projects under way with an initial four discovery projects licensed in. All these are being developed for both domestic and international markets, said a press release.

The board also declared an interim dividend of Rs. 6.50 per share.