Paramount defers GDR issue

The opening of Paramount Communication's $15 million Global Depository Receipts issue has been delayed.

Paramount Communication Ltd said on Tuesday that the opening of its 15 million dollar Global Depository Receipts (GDR) issue has been delayed.

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The company's lead manager has advised Paramount that the proposed GDR issue would not be opening on April 10, due to fresh technical issue raised by the Luxembourg Stock Exchange for listing, Paramount informed the Bombay Stock Exchange.

The company said the board meeting scheduled for April 14, to allot underlying shares represented by GDR, has been rescheduled.