Noida Toll Bridge on London Stock Exchange

New Delhi, March 23 | Updated: Mar 24 2006, 05:30am hrs
Noida toll bridge is well on its way to London Stock Exchange. In a significant development, Noida Toll Bridge Company Limited (NTBCL)- a toll road special purpose vehicle (SPV) by IL&FS was on Thursday, listed in the London Stock Exchanges alternate investment market, a 100% subsidiary of the exchange. NTBCL successfully raised $49.5 million, which is equivalent to Rs 220 crore.

The issue was through 11.36 million global depository receipts (GDR)s and the issue closed on March 14, 2006. The move was taken by NTBCL to reduce debt capitalization and interest costs, broad base investor profile and fund expansion.

The issue was priced at $3.96, with each GDR representing five underlying equity shares of the company, the face value being Rs 10 each.

The GDRs were placed through book building exercise and will trade under the symbol NTBC. In India, the companys ordinary shares are listed on the Bombay Stock Exchange and the National Stock Exchange.