Ind Swift Labs raises $10.65mn via GDRs

Ind Swift Laboratories has raised $10.625 million through the issue of 25 lakh global depository receipts (GDRs).

According to a release issued by the company to the BSE today, each GDR represents one underlying equity share of Rs 10 each.

"The GDRs will be listed on the Luxembourg Stock Exchange shortly. London-based Elara Capital Advisors acted as lead manager to the issue," the release added.

The issue was priced at $4.25 (Rupees 186/-) per GDR as against the closing share price of Rs 196.85 on the BSE on August 11, 2005.

The board, which met on August 12, 2005, approved a proposal to issue 25,00,000 equity shares of Rs 10 each in lieu of the GDRs, the release added.