Indiabulls Financial's GDRs float at 13.06 USD

New Delhi, May 10: Indiabulls Financial Services Ltd today said it has raised 275 million dollars through Global Depository Receipts (GDRs) at 13.06 dollars each on the Luxembourg Stock Exchange.

Each GDR represents one equity share of the company at nominal value of two rupees each. The book closed yesterday and the issue was priced after market hours.

Goldman Sachs International and Merrill Lynch International are acting as the Joint Lead Managers and the Joint Bookrunners for the offering.

The company has also granted an over-allotment option of up to 25 million dollars, to Merrill Lynch International.

The money would be used to expand and grow the company's consumer lending business.

Indiabulls disbursed Rs 2,200 crore as of end-March and plans to disburse another Rs 6,000 crore during the year to March 2008.

The company, which spun off its realty business earlier this year, plans to continue its restructuring.

UNI