Nicholas Plans $100 Mn GDR

Pharmaceuticals major Nicholas Piramal India is planning a nearly $100 million (about Rs 473 crore) global depository receipts issue as part of its fund-raising exercise. The company is likely to announce the details of the issue towards the end of the week.Sources close to the development said the proposed GDR issue would help the company, which was in the process of expanding its presence in the global drugs market, and would establish its visibility on overseas bourses.

Rediff.com (http://www.rediff.com/money/2005/mar/10nic.htm)