Indiabulls Real Estate (IREL), Delhi-headquartered property developer, has raised $400 million selling global depository receipts (GDRs), just over three-months after it was separated from parent Indiabulls Financial Services.
The GDRs were priced at $10.32 apiece (nearly Rs 412), a discount of Rs 41 (about 9%) a share compared to the prevailing share price of Rs 452.95 on the Bombay Stock Exchange today.The money raised by IREL includes $40 million from an over-allotment option as demand outstripped supply.
In May, group company Indiabulls Financial Services raised $275 million through a GDR issue.
Merrill Lynch & Co was the sole book-runner for the GDR. The fundraising by Indiabulls Real Estate comes at a time when a slew of Indian real-estate developers are tapping the domestic and overseas markets to develop projects in world’s second-fastest growing economy.
Read more in The Business Standard article.
Showing posts with label Indiabulls Finacial Services. Show all posts
Showing posts with label Indiabulls Finacial Services. Show all posts
Wednesday, July 4, 2007
Friday, May 11, 2007
Indiabulls Fin prices GDR at 4% discount
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.
Read more in The Business Standard article
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.
Read more in The Business Standard article
Saturday, March 24, 2007
Citigroup Venture to buy 19.9% stake in Anand Rathi
Leading private equity investor Citigroup Venture Capital International is picking a 19.9% stake in Anand Rathi Securities (ARS), a Mumbai-based stock brokerage promoted by former BSE president Anand Rathi.
While announcing the deal on Friday, ARS said the funds will be utilised for the expansion purpose and also for meeting working capital requirements. The company, however, did not disclose the size of the deal and the price at which the stake is being acquired by the US-based fund.
In the past few years, many Indian brokerages have raised funds through the PE route, which has mainly gone into expansion of their businesses. Motilal Oswal Securities, India Infoline, Edelweiss Securities, IL&FS Investsmart and Indiabulls Financial Services are among the brokers which roped in foreign investors when the market was bullish.
Read more in The Economic Times article.
While announcing the deal on Friday, ARS said the funds will be utilised for the expansion purpose and also for meeting working capital requirements. The company, however, did not disclose the size of the deal and the price at which the stake is being acquired by the US-based fund.
In the past few years, many Indian brokerages have raised funds through the PE route, which has mainly gone into expansion of their businesses. Motilal Oswal Securities, India Infoline, Edelweiss Securities, IL&FS Investsmart and Indiabulls Financial Services are among the brokers which roped in foreign investors when the market was bullish.
Read more in The Economic Times article.
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