With Merrill Lynch as lead manager, an 11.5 million unit issue was priced yesterday Wednesday at $10.04 per unit. Each unit equals two shares, with the overall offering comprising about 18% of the company's share capital. ABN AMRO and CLSA are co-managers.
With books closing four times covered, Indian specialists agree that the deal should be considered a success, but also point out that the Indian pharmaceuticals sector has fallen about 25% over the past month. Having started out roadshows at Rp1285 $27.56...
