Financial Daily from THE HINDU group of publications
Friday, Dec 16, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 16, 2005 |
|
|
|
|
|
|
|
Markets
-
Overseas Borrowings Money & Banking - Financial Services IL&FS Investsmart raises $90 m through GDR Our Bureau
Mumbai , Dec. 15 FINANCIAL services firm IL&FS Investsmart has raised $90 million through its maiden global depository receipts (GDR) on the Luxembourg Stock Exchange. The issue was priced $4.28 per GDR (Rs 197), at a discount compared to the ruling domestic price, which closed at Rs 215.45 on the BSE on Wednesday. The company issued 2.10 crore GDRs representing around 32.43 per cent of the post offer equity capital of the company, according to an IL&FS Investsmart press release. Citigroup Global Markets Ltd and CLSA Asia-Pacific Markets were the joint global coordinators and book-runners for the offering. eTrade, which held 11.14 per cent stake in IL&FS Investsmart, participated in the GDR offering to subscribe to a "significant amount," officials said. Promoter IL&FS continues to be the largest stakeholder in the company at46 per cent. "The global offering also marks a beginning in the company's efforts to increase its presence in the global markets," said Mr Hemang Raja, Managing Director & CEO of IL&FS Investsmart. Mr Ravi Kapoor, Citigroup Global Market India's Managing Director and Head Equity Capital Markets, said the "strength of the company was reflected in the fact that it was one of the first major GDR offerings under the new SEBI pricing guidelines and was done on an accelerated basis." This is the second GDR offering by an Indian broking firm after online broker Indiabulls Financial Services Ltd's $60-million GDR offering in February.
More Stories on : Overseas Borrowings | Financial Services
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|