Indian GDRs worth $943 mn start trading on LSE platform

Last Updated: Tuesday, July 28, 2009 - 16:39

New Delhi: The Global Depository Receipts of three Indian companies -- Tata Steel, Tata Power and Suzlon Energy -- worth USD 943 million (about Rs 4,540 crore) have started trading on the depository receipts platform of the London Stock Exchange.
Tata group firms -- Tata Steel and Tata Power have together raised USD 835 million, while wind power major Suzlon Energy has raked in USD 108 million, through GDRs issue.

They have commenced trading on the International Order Book, an electronic trading platform for GDRs on the London Stock Exchange.

Tata Steel GDRs are listed on the London Stock Exchange while Tata Power and Suzlon Energy are listed on the Luxembourg Stock Exchange.

Both Tata Power and Suzlon Energy GDRs were admitted into the IOB today.

"The raising of nearly a billion dollars in the space of two days by Indian companies demonstrates that the India growth story continues to reverberate strongly with global investors," London Stock Exchange Head of Business Development for India Ibukun Adebayo said.

Tata Steel and Tata Power have raised USD 500 million and USD 335 million, respectively.

In addition to mopping up USD 108 million through GDRs, Suzlon Energy recently raised USD 94 million through zero coupon convertible bonds.

Bureau Report



First Published: Tuesday, July 28, 2009 - 16:39

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