Date:17/12/2005 URL: http://www.thehindubusinessline.com/2005/12/17/stories/2005121703691400.htm

Back Himatsingka Seide raises $60 million through GDRs

Our Bureau

Bangalore Dec. 16

SILK fabric exporter Himatsingka Seide Ltd has raised $60 million through the issue of Global Depositary Receipts (GDRs), which will be listed on the Luxembourg Stock Exchange.

The amount was raised through the issue of 2.09 crore GDRs, which opened on December 12, and closed on December 15, the company said in a press release.

Each GDR, represented one underlying equity share, was priced at $2.862 (Rs 130) against the closing price of Rs 139.85 on the NSE on December 15. The pricing of the GDR was in compliance with the Ministry of Finance guidelines dated August 31, 2005, the company said.

ICICI Securities and Kotak Mahindra Capital Company were the joint global coordinators and joint book-runners for the issue, which was oversubscribed.

Mr Dinesh Himatsingka, Managing Director of the company, said the positive response to the issue reflects the confidence that global investors have in the company and its integrated business model that focuses on the luxury home textiles segment.