Indiabulls Financial exercises over allotment option in GDR issue

Indiabulls Financial Services Ltd has announced that the Board of Directors of the Company at its meeting held on May 17, 2007, pursuant to over-allotment option exercised by Merrill Lynch International, has allotted 1,914,242 equity shares of par value Rs 2 per share, as underlying shares representing 1,914,242 GDRs, each GDR representing 1 equity share, priced at US $ 13.06 and aggregating US $ 25 million. With the exercise of the said over-allotment option, the total number of equity shares underlying GDRs allotted in terms of the Offering Circular dated May 09, 2007 is now 22,970,903 priced at US $ 13.06 per GDR and aggregating US $ 300 million, thus concluding the aforesaid GDR offering of the Company.

The stock was trading at Rs.551.60, up by Rs.0.50 or 0.09%. The stock hit an intraday high of Rs.556.90 and low of Rs.546.05. The total traded quantity was 150359 compared to 2 week average of 2662434.

Source : Equity Bulls

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