Financial Daily from THE HINDU group of publications
Saturday, Jan 28, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 28, 2006 |
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Money & Banking
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Private Banks Federal Bank raises $71.46 m via GDR Our Bureau
Kochi , Jan. 27 FEDERAL Bank has raised $71.46 million through a GDR issue. The transaction, which involved the issue of 18 million Global Depository Receipts, has not taken into consideration the possibility of over-allotment option, extending up to an additional two million GDRs. The GDRs, each representing an underlying equity share, were priced at $ 3.97 each - approximately working out to Rs 175 per share. The GDR would be issued on the Professional Securities Market of the London Stock Exchange, Federal Bank said in a statement. Citigroup and Merrill Lynch were the joint book runners and lead managers to the issue.
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