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Indiabulls raises $275 mn via GDR offering

Indiabulls raises $275 mn via GDR offering
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First Published: Thu, May 10 2007. 11 13 AM IST
Updated: Thu, May 10 2007. 11 13 AM IST
Mumbai: Leading brokerage firm Indiabulls Financial has raised$275 mn (Rs1100 crore) through a Global Depositary Receipt (GDR) offering and will list the securities 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 mn to Merrill Lynch International, which along with Goldman Sachs International is acting as the joint book-runner for the offering.
The book closed on 9 May and the issue was priced after market hours on the same day itself, Indiabulls added.
On 24 April, Indiabulls Financial 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% stake, already received authorization from its shareholders to raise additional equity capital.
Shares of the company surged by 8% 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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First Published: Thu, May 10 2007. 11 13 AM IST
More Topics: Money Matters | Global Markets |