Bombay Rayon selects BNY Mellon for GDR program

23 Nov '09

2 min read

BNY Mellon, the global leader in asset management and securities servicing, has been selected by Bombay Rayon Fashions Ltd. as depositary bank for its global depositary receipt program. Each Bombay Rayon GDR represents one equity share. Bombay Rayon has received in-principle approval for the listing of the GDRs on the Singapore Exchange Securities Trading Limited. Bombay Rayon's equity shares trade on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited under the symbol "BRFL."

Based in India, Bombay Rayon is a vertically integrated textile group engaged in the manufacture and export of quality designer fabrics and garments. Bombay Rayon is present across the value chain from fabric to garments and has a full range of facilities, including yarn dyeing, weaving, processing and garmenting. Bombay Rayon owns 32 manufacturing facilities, including one sampling unit, across the country.

"By offering investors the option to trade Bombay Rayon's shares in GDR form, we expect to attract new international investment to India's robust and growing manufacturers segment as well as enjoy increased liquidity in both markets," said A. R. Mundra, Bombay Rayon executive director of finance.

"India has the largest number of DR programs of any country in the world and BNY Mellon has helped bring many of these companies to the global market place," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "Our extensive experience working with Indian clients and our specialized market outreach services will enable us to support Bombay Rayon's efforts to expand its global profile."

Bombay Rayon Fashions Ltd

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