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Centurion Bank raises
$70 mn through GDRs
Our Banking
Bureau
23 March 2005  New
Delhi: Centurion Bank has raised $70 million through its issue of global
depository receipts(GDR) with each GDR representing 15 common shares of Centurion
Bank of a face value Re1 per share. This was conveyed by the Bank to the BSE.
CitiGroup
acted as the sole book-runner and lead manager to the GDR offering. The bank
has raised $70 million (Rs300 crore) through the issue of 14,583,300 GDRs
at $4.80 per GDR. The GDR's were issued at a discount to the domestic stock
price and will be listed on the Luxembourg Stock Exchange. Centurion
bank has given a green shoe option to the book runner for up to $10 million,
the communique to the stock exchange  added.
Proceeds from the offering will be used primarily to enhance its capital adequacy
ratio and increase its capacity to lend, it added. List
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