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Noida Toll Bridge to raise $45 mn through GDR

Noida Toll Bridge Ltd plans to raise $45 mn through its Global Depository Receipts (GDR) issue.

india Updated: Mar 16, 2006 22:35 IST
Press Trust of India
Press Trust of India

Noida Toll Bridge Ltd on Thursday said it will raise $ 45 million through its Global Depository Receipts (GDR) issue and will become the first publicly listed Indian company on the London Stock Exchange's AIM market.

The GDR issue was closed and would be admitted to trading on the London Stock Exchange's AIM market, the company informed the Bombay Stock Exchange.

And it expects the first day of dealings of the GDRs on AIM on March 21, it said.
The company has granted an over-allotment option of 10 per cent of the gross funds to its, nominated adviser and broker, Collins Stewart Ltd.

The net proceeds of the GDR issue would be used for repaying $ 11.3 million term loans falling due on March 31, $ 23.2 million for the prepayment of loans to reduce interest costs along with any agreed prepayment charges and $ 7.9 million to fund the construction of the Mayur Vihar link to the Delhi Noida Toll Bridge, it said.

A placing agreement between the company and Collins Stewart and a co-distributor agreement Edelweiss Capital Ltd has been signed for placing of 11,363,636 GDRs at a price of $ 3.96 per GDR, the company said.

Each GDR represents five ordinary shares in the company and will be traded under the symbol "NTBC", it said.

Edelweiss Capital is acting as the company's co financial adviser and co-distributor, it added.

Noida Toll Bridge is a special purpose vehicle promoted by Infrastructure Leasing and Financial Services Ltd, a specialist financial institution focusing on the development and financing of infrastructure, to construct and operate the Delhi Noida Toll Bridge on a build, own, operate and transfer basis, it added.

First Published: Mar 16, 2006 22:35 IST