Kotak Mahindra Bank raises $99.9 million from first-ever GDR sale

Popular name garners strong demand despite faltering stock market.

By Anette Jönsson

April 25, 2006

Signs over the past few trading sessions that the 12,000 index level may prove a bit of a hurdle for the Mumbai stock market to get through are seemingly having little impact on the primary market with Indian financial services company, Kotak Mahindra Bank able to raise $99.9 million from its first ever Global Depositary Receipts without any trouble over the weekend.

Demand for the shares was very strong with the book four times covered at the top end of the range û where the price was eventually fixed û and five times overall, according to people familiar with the issue. There was a strong showing both from existing investors and long-only funds and the...

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