18/04/2006 The London Stock Exchange is delighted to welcome Rolta India Limited to the Main Market
18 April 2006
London Stock Exchange is delighted to welcome Rolta India Limited to the Main Market
Rolta India Limited has successfully raised up to US$103.5 million (including an over-allotment option of US$13.5 million) through the issue of up to 18,482,143 Global Depositary Receipts ("GDRs"). Each GDR represents one underlying equity share in the Company. Each GDR was priced at US$5.60, equivalent to Rs.250 per equity share. This was based on the Bombay Stock Exchange average closing price of Rs.250.89 for the four weeks ending on the pricing date. The issue was priced on April 7, 2006 and listing is expected to take place on or about April 18, 2006. Lehman Brothers International (Europe) acted as Global Coordinator and Sole Bookrunner on this transaction. Lehman Brothers International (Europe) and Cantor Fitzgerald Europe acted as Joint Lead Managers.
Rolta provides IT-based geospatial solutions, engineering design services and IT network services to customers across the world and has executed projects in 35 countries. The Company is headquartered in Mumbai, India, and operates through a network of twelve regional/branch offices in India and seven subsidiaries located in the USA, Canada, UK, the Netherlands, Germany, Saudi Arabia and the UAE. The Company has also established a joint venture with Stone & Webster called Stone & Webster Rolta Limited to provide plant engineering design services.
Speaking on the occasion, Mr Kamal K. Singh, Chairman and Managing Director of the Company said, "We are delighted with the success of our inaugural GDR offering. This is one of the first Indian GDRs to be listed on the main board of the London Stock Exchange, and the deal generated substantial demand from top tier investors in Europe, Asia and the US. We believe that the proceeds raised from this offering will allow Rolta to further develop its strength in key markets, both in India and internationally, and continue the success it has achieved thus far".