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 mops up $71.46mn via GDR

Federal Bank has raised $71.46 million through a GDR issue. The transaction, which involved the issue of 18 million Global Depository Receipts, has not taken into consideration the possibility of over-allotment option, extending up to an additional two million GDRs. The GDRs, each representing an underlying equity share, were priced at $ 3.97 each approximately working out to Rs 175 per share. The GDR would be issued on the Professional Securities Market of the London Stock Exchange, Federal Bank said in a statement. Citigroup and Merrill Lynch were the joint book runners and lead managers to the issue.

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