Nagarjuna raises $105mn via GDRs

Nagarjuna Construction Company has raised $105 million through global depository receipts (GDRs).

According to a release issued by Nagarjuna Construction Company to the BSE today, each GDR, priced at $5.11, represents one equity share with a face value of Rs 2.

The GDRs will be traded on the Euro MTF Market of the Luxembourg Stock Exchange, the IOB platform of the London Stock Exchange and on Nasdaq's portal market, the release added.

"The proceeds from the offering will be used primarily for investment in BOT and BOOT projects, and for general corporate purposes including the repayment of short-term debt and capital expenditure," the relase added.

A Ranga Raju, managing director of Nagarjuna Construction Company, said: "We are extremely pleased by the response to our maiden international offering, Nagarjuna Construction will have the ability to capture the enormous growth opportunities that exist in the construction sector in India."