Deutsche wins depositary bank mandate from Indiabulls

Deutsche will manage the Indian brokerage house's GDR programme and also help to raise its international profile.
Deutsche Bank has been appointed as the depositary bank for the global depositary receipt (GDR) programme of leading Indian brokerage Indiabulls Securities, according to a release.

Indiabulls is a member of the National Stock Exchange and the Bombay Stock Exchange. Among the largest securities broking companies in India, it offers a raft of broking services such as equity, debt, and derivatives. It also provides depositary, equity research, mutual fund and IPO distribution services.

Aside from managing its GDRs, Deutsche said it will also help Indiabulls to improve its visibility among international investors and to diversify its investor base.

ôWe are positive that the trend in the Indian market is for companies to continue to use GDRs as an alternative source of raising capital, with a need for both plain vanilla and complex structuresö, says Sameer Shah, Asia head of global equity services at Deutsche Bank.

Relatively higher valuations in IndiaÆs market continue to prove attractive to foreign companies, experts say. Indian companies with existing DRs are able to use these as a currency for acquisition purposes.

IndiaÆs regulators also introduced a local DR scheme a while ago as part of an effort to attract international listings by multinationals and in order to promote liquidity and improve options for local investors.
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