Indiabulls Financial raises $300 mn in GDR issue

Mumbai, May 18: One of India's prominent brokerage firm Indiabulls Financial Services today disclosed that they have raised a whopping USD 300 million, which roughly translates to over Rs 12,000 crore, through issue of Global Depository Receipts (GDRs), after Merrill Lynch International exercised its over allotment option.

Earlier on May 10, Indiabulls had announced the raising of 275 million USD through the GDR offering.

Indiabull's Board of directors have decided to allot 19,14,242 equity shares representing an equal number of GDRs priced at 13.06 dollars each, aggregating to USD 25 million, Indiabulls Financial informed the Bombay Stock Exchange (BSE).

Now, with the exercise of the over-allotment option, the total number of equity shares underlying GDRs allotted in terms of the offering circular dated May 9, now stands at 22,970,903.

Merrill Lynch International and Goldman Sachs International were the joint book-runners for the offering, which would be listed on the IOB Board of London Stock Exchange and Luxembourg Exchange.

The process had started last month in April 24, when Indiabulls Financial had announced its plans to raise additional equity capital or equity linked securities through a global depository receipt (GDR) issue.

The company, in which foreign institutional investors hold over 50 per cent stake, has received authorisation from its shareholders to raise the additional equity capital, Indiabulls said.

UNI