Indiabulls raises $275 million through GDR issue

Mumbai: Brokerage firm Indiabulls Financial Services has raised $275 million through a global depositary receipt (GDR) offering, with a planned listing of the stock on the Luxembourg Stock Exchange.

Indiabulls Financial priced its GDR, which represents one equity share of the company of a nominal value Rs 2 each, at $13.06 each, the company informed the Bombay Stock Exchange (BSE).

The company said it has a green shoe option of up to $25 million.

Merrill Lynch International, along with Goldman Sachs International is acting as the joint book-runner for the offering. The book closed on May 9 and the issue was priced after market hours on the same day itself, Indiabulls added.

On April 24, Indiabulls Financial had announced its plans to raise additional equity capital or equity linked securities through a global depository receipt issue. The company, in which foreign institutional investors hold over 50 per cent stake, already received authorisation from its shareholders to raise additional equity capital.

Shares of the company surged by eight per cent to Rs600 in opening trade.