Rana Sugars to raise $18 mn through GDRs at DIFX

New Delhi, May 17: Sugar refiner Rana Sugars Ltd will tomorrow list its Global Depositary Receipts on the Dubai International Financial Exchange (DIFX), following a million capital raising.

The proceeds of the GDR issue will be used to expand its sugar as well as its power generation capacities.

The company's ordinary shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India.

The company, which manufactures white crystal sugar, will be the second Indian firm to be listed on Dubai Financial Exchange, a DIFX statement said.

In March 2006, Indian oil and gas pipeline supplier Man Industries listed GDRs worth 35 million dollar on the DIFX.

''Many Indian companies are seeking investment from the Gulf region and beyond. The DIFX's proximity to India and its international standards make it the ideal overseas market for them to list on,'' DIFX Chief Operating Officer Nasser Alshaali said.

The DIFX is an international financial exchange for equities, bonds, Islamic products, funds, index products and derivatives.

Launched in September 2005, it has 13 member banks including Barclays Capital, Citigroup, Deutsche Bank, HSBC, Morgan Stanley and ABN AMRO and targets issuers from West Asia, North and South Africa, Turkey and India.

UNI