Centurion Bank raises $70 mn through GDRs

By Our Banking Bureau | 23 Mar 2005

New Delhi: Centurion Bank has raised $70 million through its issue of global depository receipts(GDR) with each GDR representing 15 common shares of Centurion Bank of a face value Re1 per share. This was conveyed by the Bank to the BSE.

CitiGroup acted as the sole book-runner and lead manager to the GDR offering. The bank has raised $70 million (Rs300 crore) through the issue of 14,583,300 GDRs at $4.80 per GDR. The GDR''s were issued at a discount to the domestic stock price and will be listed on the Luxembourg Stock Exchange.

Centurion bank has given a green shoe option to the book runner for up to $10 million, the communique to the stock exchange added. Proceeds from the offering will be used primarily to enhance its capital adequacy ratio and increase its capacity to lend, it added.