Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Opinion / Online-views/  Indiabulls raises $275 mn via GDR offering
BackBack

Indiabulls raises $275 mn via GDR offering

Indiabulls raises $275 mn via GDR offering

Premium

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 10 May 2007, 11:13 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App