IL&FS Investsmart to raise $90mn via GDRs

The board of directors of IL&FS Investsmart, which met today, approved a proposal to raise up to $90 million, excluding the greenshoe option, by issuing global depository receipts (GDRs).

According to a release issued by the company to the BSE today, the meeting also approved a proposal to float subsidiaries for establishing offices in Dubai and Singapore.

The meeting also gave its nod to increase the paid-up capital of three subsidiaries. "The capital of IL&FS Investsmart Commodity Brokers will be hiked to Rs 10 crore from Rs 2.50 crore, equity of IL&FS Investsmart Insurance and Risk Management Services  will be increased to Rs 5 crore from Rs 2.01 crore, IL&FS Academy for Insurance and Finance will see capital move up to Rs 5 crore from Rs 2 crore," the release added.