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Saturday, Sep 03, 2005

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IL&FS Investsmart plans GDR issue

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MUMBAI: IL&FS Investsmart Ltd is to raise its share capital in the international capital markets by way of an issue of global depository receipts (GDRs) for an amount not exceeding $90 million excluding a green shoe option.

The board of directors, at a meeting held on September 2, also approved a proposal for floating subsidiaries to set up offices at Dubai and Singapore to pursue capital market and other related business activities.

Further, the company has informed the Bombay Stock Exchange of its plans to increase the paid-up capital of three of its subsidiaries.

While the paid-up capital of IL&FS Investsmart Commodity Brokers Ltd will be raised to Rs 10 crore from Rs 2.5 crore, that of IL&FS Investsmart Insurance and Risk Management Services Ltd is proposed to be raised to Rs 5 crore from Rs 2.1 crore, and that of IL&FS Academy of Insurance and Finance Ltd also to Rs 5 crore (Rs 2 crore).

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