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NTBCL the first Toll Road Company to be listed on the bourse
Noida Toll Bridge Company Limited (NTBCL) has listed itself on Alternate
Investment Market (AIM) thus becoming the first toll road company
in the world to be listed on the bourse. AIM is a 100% subsidiary
of the London Stock Exchange.
NTBCL raised $49.5 million through the issue of 11.36 million GDRs.
This includes a green-shoe option of 10%. The issue closed on March
14, 2006.
The GDR issue reduced its debt capitalisation and interest costs.
This is apart from broad basing its investor profile and funding
its future expansion. The GDRs were placed through a book-building
exercise and in the process, created another window for overseas
investors to participate in the infrastructure growth in India.
The issue made its debut at AIM for $3.96, each GDR representing
five underlying equity shares of the company of Rs 10 each. Demand
from institutional investors was more than thrice the amount raised.
Since then NTBCL is trading around $ 4.40 per GDR. |
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