Indiabulls GDR price @ $2.45

Indiabulls Financial Services has fixed the price of a $45 million Global Depository issue which is expected to be listed on the Luxembourg Stock Exchange.

According to a release issued to the Bombay Stock Exchange, each GDR, representing one share of Rs 2 each, was priced at $2.45 (Rs 107) per GDR representing a discount of 5% to the average of last three days closing price of the shares on the National Stock Exchange.

The company has granted an over-allotment option of up to $15 million to Merrill Lynch International - the lead manager and sole book runner for this offering.

The GDR price was fixed after market trading hours on February 24, 2005, the release added.