Gammon brings home the bacon

Indian construction company raises funds for development.

Construction company Gammon India raised $87 million last Friday January 20 from the sale of Global Depositary Receipts backed by new shares through Macquarie Securities.

The company sold a total of 9.18 million units - each equivalent to one share - at $9.47, which translated into Rp420 per share and a 6.85% discount to Friday's close on the Mumbai Stock Exchange. The deal had been marketed on a discount range of 0-9%.

The reg.-S offering accounts for about 10% of the post-issue share capital and has a $13 million greenshoe, which may be exercised after the GDRs start trading on Friday.

The...

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