Financial Daily from THE HINDU group of publications
Friday, Aug 05, 2005
Financial Daily from THE HINDU group of publications Friday, Aug 05, 2005 |
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Markets
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Financial Services Indiabulls raises Rs 560 cr from secondary GDR issue Our Bureau
Mumbai , Aug. 4 INDIABULLS Financial Services has raised around Rs 560 crore ($130 million) through its secondary Global Depository Receipt (GDR) issue. Each GDR, representing one share of Rs 2 each, was priced at $5.42 (Rs 235) , the company said in a notice to stock exchanges. Mr Gagan Banga, Director, Indiabulls said the funds would be used to finance real estate bought by the company in Mumbai. The GDRs are expected to be listed on the Luxembourg Stock Exchange. The company has granted an over-allotment option of up to $19.51 million (around Rs 85 crore) to Merrill Lynch International. In February 2005, the company had raised $45 million (Rs 195 crore) through a GDR issue. Each GDR, representing one share of Rs 2 each, was priced at $2.45 (Rs 107). A green-shoe option of $15 million was also exercised. On Thursday, the stock price of Indiabulls closed at Rs 234.05, down 5.03 per cent on the BSE.
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