BSEL Infrastructure issues GDRs worth $35 mn

MUMBAI: Mumbai-based BSEL Infrastructure Realty on Friday said the company had completed issue of global depository receipts worth $35 million.

"BSEL Infrastructure has completed an issue of 21,47,202 GDRs raising an amount of $35 million," a company release said.

"About 21,472,020 equity shares have been issued underlying the GDRs where each GDR represents 10 equity shares of the company," BSEL said.

"The fund raised through the issue will fuel the expansion plans of the company and the ongoing projects too," BSEL's Managing Director Dharmendra Raichura said.

BSEL is engaged in real estate projects in Nagpur, Goa, Ahmedabad, Pune.

Company's UAE arm BSEL Infrastructure Realty FZE is developing seven residential towers of fifty floors each with approximately 5,000 apartments in total on the main Emirates city road in the UAE.