Indiabulls raises $275 mn via GDR offering
Indiabulls raises $275 mn via GDR offering
Mumbai: Leading brokerage firm Indiabulls Financial has raised$275 mn ( ₹ 100 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 ₹ 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 ₹ 600 on opening and were last trading at ₹ 566.25, up a couple of percentage points on the BSE.
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