Centurion Bank raises $70mn via GDRs

Centurion Bank has raised $70 million (about Rs 300 crore) by issuing 1,45,83,300 GDRs at $4.80 per GDR.

According to a release issued by the bank to the BSE today, each GDR represents 15 equity shares of Re 1 each. "The GDRs will be listed on the Luxembourg Stock Exchange," the release added.

The funds will be used to enhance the bank's capital adequacy ratio and increase lending, the release said.

"Citigroup acted as the sole book runner and lead manager to the GDR offering. The bank has given a greenshoe option to the book runner for up to $10 million," the release said.