IL&FS completes GDR

Financial services provider completes follow-on offering.

ILFS Investsmart Ltd lived up to its name yesterday December 14 after closing a $90 million GDR pre shoe via Citigroup and CLSA.

The GDRs were priced at $4.28 per unit, which represented a 7.97% discount to yesterday's close. The discount seems large because the share price spurted yesterday and is equivalent to a narrower discount of 3.9% to the previous day's close.

One GDR equals one share.

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