Domestic brokerage and financial services firm Indiabulls Financial Services has priced its $275 million global depository receipt (GDR) offering at a slight discount to its prevailing market price in India.
The GDR, managed by Goldman Sachs International and Merrill Lynch International, is priced at $13.06 (Rs 535.46 calculated at Rs 41 a dollar). This is a discount of 4.21 per cent to the latest price quoted by the company’s scrip on the Bombay Stock Exchange, which is Rs 559 a share.
Sources said the issue was oversubscribed by 2.4 times and the total demand for the offering was over $671 million. The large investors who have participated in the offering include steel tycoon LN Mittal, Fidelity and Orient Global. Large FIIs have been increasing their stake in Indiabulls and now own 60 per cent of the company.
In a notice to the BSE, Indiabulls Financial Services said the GDR offering on the Luxembourg Stock Exchange also has an over-allotment option of up to $25 million to Merrill Lynch International. The issue was priced after market hours on Wednesday.
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