The Hindu : Business : Rolta lists GDRs on London Exchange

Online edition of India's National Newspaper
Thursday, Apr 20, 2006

Business

Business

Rolta lists GDRs on London Exchange

Staff Correspondent

To use proceeds for expansion within India and internationally

MUMBAI: Rolta India, a leading specialist information technology company, has raised $103.5 million through the issue of 184.82 lakh Global Depository Receipts (GDRs), including a greenshoe option of $13.5 million to be exercised within 30 days.

Each GDR was priced at $5.6 equivalent to Rs. 250 per share based on the BSE average closing price of Rs. 250.89 for the four weeks ending on the pricing date.

The GDRs were admitted to listing on the official list of U.K. Listing Authority and admitted to trading on the London Stock Exchange (LSE) regulated market for listed securities on April 18. With this listing, the company will comply with the European Union directives and disclosure norms such as giving financial statements under International Financial Reporting Standards (IFRS) and others.

Addressing the media, K. K. Singh, Chairman and Managing Director, Rolta India, said, "the proceeds of the GDR will be used for expansion of facilities within India and internationally, especially in the Asia Pacific region, and for other strategic corporate requirements.

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