The Hindu Business Line : Man Industries to tap Dubai Intl Exchange with $50-m GDR issue

MAN Industries (India) Ltd has announced that it is the first issuer from Asia targeting the completion of the primary $50 million global depository receipt (GDR) on the Dubai International Financial Exchange (DIFX), which will be a milestone for the UAE and the region.

Mr Ziad Makkawi, Dubai Bank CEO, stated, "This is a fantastic deal for Dubai Bank as our investment banking activities continue to expand and diversify."

The sub-continent is an area of huge importance with numerous mature firms now seeking to further grow and expand. "We hope this deal will open the doors to such other businesses to look to the GCC region to service their financial aspirations," according to a report by the official Emirates News Agency, WAM.

Man Industries, a leader in the pipe industry for the oil and gas industry, is listed on both the Bombay and National stock exchanges and currently has a market capitalisation of over $110 million.

The company intends to issue up to $50 million GDR on the DIFX to support its successful growth strategy.

Commenting on the deal, Mr Ramesh Mansukhani, Group Chairman of Man Industries, said: "We are very pleased to be working with Dubai Bank and ICICI Securities Ltd to assist us in furthering the scope and scale of our activities. The GDR represents a huge turning point for Man Industries as we look to attract a broad segment of international savvy investors".

ICICI Securities Ltd, the investment banking arm of ICICI Bank, India's largest bank, will act as the joint-lead managers with Dubai Bank.

"Dubai and the DIFX represent an ideal hub to facilitate the GDR and we look forward to further developing our ties to the region as more and more firms look to international markets to fund their growing operations" commented Mr J. Niranjan, Joint - Head, Investment Banking M&A Advisory, ICICI Securities.