IndusInd Bank raises $33.82 m through GDR offer

Mumbai, Mar 30 | Updated: Mar 31 2007, 06:04am hrs
Private sector lender IndusInd Bank on Friday said that it had successfully raised $33.825 million through maiden the issue of maiden global Depository receipts (GDRs). The bank has allotted about 2.95 crore equity shares of Rs 10 each under this offering. Each equity share will be represented by one GDR of the bank and the price had been fixed at $1.147 per GDR, IndusInd said in a release here.

The Finance Committee of the board of directors of the Bank at its meeting held on Friday allotted 29.49 lakh equity shares of the bank of Rs 10 each, fully paid, under this offering.

CLSA Singapore Pte Ltd-Asia Pacific Markets acted as the lead manager and sole bookrunner, while Amas Bank of Switzerland was as the co-lead manager for the offering. The Bank of New York, a global leader in securities, has been appointed as depository bank for the GDR programme.

The raised amount $33.825 million represents 9.22% of the post-offer equity capital of the bank and will be listed on the Luxembourg Stock Exchange.