Financial Daily from THE HINDU group of publications
Thursday, Mar 23, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 23, 2006 |
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Markets
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Stocks Corporate - Overseas Borrowings Noida Toll Bridge raises Rs 188 cr thru GDR Our Bureau
New Delhi , March 22 Noida Toll Bridge Co Ltd has raised Rs 188 crore through global depository receipts in the London Stock Exchange (LSE), becoming the first listed Indian company to go for a follow-on public offer on the bourse. According to a release, the company has completed a follow-on offer on the Alternative Investment Market (AIM), LSE's sub-market. Noida Toll Bridge is the second Indian company to admit its securities to AIM after Great Eastern Energy Corporation (GEEC), which made an initial public offering on AIM in December 2005. Each GDR represents five ordinary shares of the company, and it will have an anticipated market capitalisation of Rs 634 crore. At present, the company is listed on the Mumbai Stock Exchange (BSE) and the National Stock Exchange (NSE). Mr Hugh Sandeman, Head, Business Development for India at the LSE said: "AIM is a specialised tool for Indian companies. Currently, there are four Indian companies listed on the AIM." Listing on AIM is most beneficial for early stage energy companies, he added. AIM now has a total of 1,400 listed companies, including over 220 from outside the UK. In addition to AIM, a total of 40 Indian companies are listed or traded on the London Stock Exchange's Main and Professional Securities Market. Noida Toll Bridge Co is a special purpose vehicle promoted by Infrastructure Leasing and Financial Services, a specialist financial institution focusing on the development and financing of infrastructure, to construct and operate the Delhi Noida Toll Bridge. The company's principal business is operating the bridge and it generates revenues mainly through the levy of toll charges on bridge-users. It intends to use the net proceeds of the placing for repayment/prepayment of loans and to fund the construction of the Mayur Vihar link to Delhi Noida Toll Bridge.
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