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.

The deal had to price in compliance with Sebi's new guidelines regarding minimum share price. The floor was thus set at Rs192. The issue price was equivalent to Rs197.

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