BNY Mellon Appointed as Depositary Bank by Bombay Rayon Fashions Ltd.
November 19 2009 - 8:35AM
PR Newswire (US)
NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- BNY Mellon, the global
leader in asset management and securities servicing, has been
selected by Bombay Rayon Fashions Ltd. (Bombay Rayon) as depositary
bank for its global depositary receipt (GDR) 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." BNY Mellon acts as depositary for
more than 2,100 American and global depositary receipt programs,
acting in partnership with leading companies from 67 countries.
With an unrivaled commitment to helping securities issuers succeed
in the world's rapidly evolving financial markets, the company
delivers the industry's most comprehensive suite of integrated
depositary receipt, corporate trust and stock transfer services.
Learn more at http://www.bnymellon.com/dr. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation
(NYSE:BK). BNY Mellon is a global financial services company
focused on helping clients manage and service their financial
assets, operating in 34 countries and serving more than 100
markets. The company is a leading provider of financial services
for institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services, clearing services and treasury services
through a worldwide client-focused team. It has $22.1 trillion in
assets under custody and administration and $966 billion in assets
under management, services $11.9 trillion in outstanding debt and
processes global payments averaging $1.6 trillion per day.
Additional information is available at bnymellon.com. This release
is for informational purposes only. BNY Mellon provides no advice
nor recommendation or endorsement with respect to any company or
securities. Nothing herein shall be deemed to constitute an offer
to sell or a solicitation of an offer to buy securities. Depositary
Receipts: Not FDIC, State or Federal Agency Insured; May Lose
Value; No Bank, State or Federal Agency Guarantee. DATASOURCE: BNY
Mellon CONTACT: Dori Flanagan, +1-212-815-2291, , or Joseph F.
Ailinger Jr., +1-617-722-7571, Web Site: http://www.bnymellon.com/
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