Our Bureau

Hyderabad, Dec. 15

NAGARJUNA Construction Company Ltd (NCC) has priced its $105 million (equivalent to about Rs 479-crore) global depository receipts (GDR) issue at $5.11 per GDR (Rs 233), each of which represents one equity share of the company of a face value of Rs 2 per share.

The company said the GDRs would be traded on the Euro MTF Market of the Luxembourg Stock Exchange, the IOB platform of the London Stock Exchange and on Nasdaq's Portal market.

The NCC stock closed at Rs 245.30 at the Bombay Stock Exchange and Rs 244.95 at the National Stock Exchange on December 14.

The company said the GDR issue proceeds would be used primarily for investment in BOT (build, operate and transfer) and BOOT (build, own, operate and transfer) projects, and for other purposes as permitted under the applicable legislations/regulations and for general corporate purposes including the repayment of short-term debt and capital expenditure.

Merrill Lynch International and JP Morgan acted as joint lead managers and book runners to the offering. The company has granted a green-shoe option to the lead managers for up to 14.3 per cent of the issue size amounting to $ 15 million.

(This article was published in the Business Line print edition dated December 16, 2005)
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