The Hindu Business Line : Arvind Mills raises $37.2 m through GDR issue

ARVIND Mills Ltd has announced that it has successfully raised $37.19 million through the issue of 13.5 million Global Depositary receipts (GDRs). A further 5,00,000 GDRs have been allocated as greenshoe.

Each GDR represents one underlying share.

The GDRs will be listed on the Luxembourg Stock Exchange. The GDR was priced at $2.75 (Rs 120) each against a closing price of Rs 126.75 per share on the BSE, Mumbai on July 11.

Mr Jayesh Shah, Director of Arvind Mills, said the positive response to the issue reflects the confidence that global investors have in the company and its position in the Indian textile industry.

ICICI Securities and ABN Amro Rothschild acted as joint book runners and joint lead managers on this transaction.

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