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.