Indiabulls raises 275 mn dlr via GDR offering
Leading brokerage firm Indiabulls Financial has raised $ 275 million through a Global Depositary Receipt (GDR) offering and will list the securities on the Luxembourg Stock Exchange.
By PTI |
MUMBAI: Leading brokerage firm Indiabulls Financial has raised $ 275 million through a Global Depositary Receipt (GDR) offering and will list the securities on the Luxembourg Stock Exchange.
Indiabulls Financial Services priced its GDR offering on the Luxembourg Stock Exchange at $ 13.06 per GDR wherein each GDR represents one equity share of the company of nominal value Rs 2 each, the company informed the Bombay Stock Exchange.
The company has also granted an over-allotment option of up to $ 25 million to Merrill Lynch International, which along with Goldman Sachs International is acting as the joint book-runner for the offering.
The book closed on May 9 and the issue was priced after market hours on the same day itself, Indiabulls added.
On April 24, Indiabulls Financial had announced its plans to raise additional equity capital or equity linked securities through a global depository receipt (GDR) issue.
The company, in which foreign institutional investors hold over 50 per cent stake, already received authorisation from its shareholders to raise additional equity capital.
Shares of the company surged by 8 per cent to Rs 600 on opening and were last trading at Rs 566.25, up a couple of percentage points on the BSE.
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