Today in New Delhi, India
Oct 21, 2018-Sunday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

India Cements raises $100 mn through GDS

Though the GDS issue had a provision for $15 million green-shoe option, the company said this has not yet been exercised.

india Updated: Oct 14, 2005 18:20 IST

Cement major India Cements Ltd has raised $100 million by issuing 2.31 crore GDS (Global Depository Shares), representing two underlying equity shares of Rs 10 each at $ 4.3226 per GDS.

Though the GDS issue had a provision for $15 million green-shoe option, the company said this has not yet been exercised.

Considering that India Cements share prices were quoted at Rs 107-110 range in the domestic stock markets last week, the GDS pricing of $ 4.3226 is at slight discount of the domestic prices. India Cements shares slipped to Rs 95 on the domestic markets on Friday.

A team of top company officials headed by vice-chairman and managing director N Srinivasan had met Foreign Institutional Investors and NRIs last week during the roadshows of its GDS issue in global financial hubs, including New York, London, Hong Kong and Singapore.

"We are extremely pleased with the successful outcome of our capital raising exercise. The issue represents 21.5 per cent of our post GDS offering on diluted equity (including outstanding warrants) and the funds raised will enable us to improve financial leverage and grow our business in line with our overall strategy," Srinivasan said, in a release in Chennai.

ABN AMRO Rothschild and Deutsche Bank acted as the joint global coordinators and joint bookrunners on the GDSs, which will be listed on the EuroMTF of the Luxembourg Stock Exchange. Deutsche Bank Trust Company Americas has been appointed as Depository for the GDSs, the release said.

First Published: Oct 14, 2005 18:20 IST