LIC Housing Finance have interrupted India's monsoon to tap the international capital markets with a five million unit GDR offering. The $30 million deal was small, but provided the Indian market with some light relief in the holiday season.
The GDR priced at $5.97 representing a 5% discount to the stock's Rp145.55 close on Tuesday and parity with its pre-launch price on Friday. The deal was marketed over the weekend to investors in Asia, Europe and the US under the SEC's Rule-144A exemption.
Book closed 1.5 times oversubscribed under the lead of CLSA and Kotak Mahindra Securities. One unit equals two shares.
...