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Real estate firm closes GDR

Leading realty player Indiabulls Real Estate has said that its $400 million Global Depository Receipts (GDR) offering has concluded with the allotment of over 3.87 crore equity shares.

The board of directors allotted 3,48,83,720 equity shares of Rs.2 each as underlying shares representing equal number of GDRs.

Pursuant to the over allotment option exercised by the sole underwriter Merrill Lynch International, the company issued 38,75,968 equity shares. Each GDR of 10.32 dollar represents one equity share.

“Accordingly, the total number of equity shares allotted underlying the GDRs amounted to 3,87,59,688 thus concluding the aforesaid GDR offering of the company,” Indiabulls Real Estate said. Merrill Lynch was the sole book runner for the offering,which is understood to be the first fund raising by any Indian developer in the international market. – PTI

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