Federal Bank Blog

Unofficial Federal bank Blog. This blog is created for investor's information only,information on this blog may or maynot be correct.

Saturday, February 04, 2006

Federal Bank GDR to register on London Stock Exchange on Feb 2

The Federal Bank GDR, which mobilised close to $80 million, is slated to list at the London Stock Exchange on Feb 2. While the issue of 18 million Global Depository Receipts realised $71.46 million, the green shoe option of 2 million GDR was also fully subscribed, bringing in a total of $80 million to the bank. The GDR, each representing an underlying equity share, were priced at $3.97 each working out to approximately Rs 175 per share. While universally there is a good demand for Indian paper, the response to the bank's GDR issue was very positive. The demand for the bank's GDR was to the tune of $601 million, an over-subscription of 7.5 times. Some 60 institutional investors, including some top names in the international market Fidelity, Franklin Templeton, HSBC Asset Management Company, Dubai Bank and GE Asset Management Company subscribed to the issue.

Federal Bank is the first and only old-generation private sector bank to have successfully undertaken a GDR issue. Subsequent to the issue, the share capital of the bank is slated to go up from Rs 65.6 crore to Rs 85.6 crore. The ICICI Bank holding in the bank, which is currently around 10 per cent,is expected to decline to 7.5 per cent. The GDR issue would mobilise Rs 350 crore to the bank, including the premium. Going by the overwhelming response to the issue, the GDR should be listing at the European bourses at a premium. Over 75 per cent of the bank's equity is listed on the Indian bourses, sources in the bank said. Federal Bank share closed lower at Rs 180.80, from the previous close to Rs 185.

2 Comments:

At 6:52 AM, Blogger James Baker said...

Hello Friend! I just came across your blog and wanted to
drop you a note telling you how impressed I was with
the information you have posted here.
I also have a web site & blog about credit center so I know I'm talking
about when I say yours is top-notch! Keep up the
great work, you are providing a great resource on the Internet here!
If you have a moment, please visit my site credit center
Best success!

 
At 8:02 PM, Blogger mjfreeze said...

Get federal business grants for business, personal use and more at federal business grants you can start now and find money and for your needs.

 

Post a Comment

<< Home