India's LIC Housing prices GDR

Smart India hands see value in play on India''s booming mortgage market.

LIC Housing Finance have interrupted India's monsoon to tap the international capital markets with a five million unit GDR offering. The $30 million deal was small, but provided the Indian market with some light relief in the holiday season.

The GDR priced at $5.97 representing a 5% discount to the stock's Rp145.55 close on Tuesday and parity with its pre-launch price on Friday. The deal was marketed over the weekend to investors in Asia, Europe and the US under the SEC's Rule-144A exemption.

Book closed 1.5 times oversubscribed under the lead of CLSA and Kotak Mahindra Securities. One unit equals two shares.

...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222