Rana Sugars is listing Global Depositary Receipts following an $18 million capital-raising exercise. The company’s ordinary shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India.
Nasser Alshaali, Chief Operating Officer of the DIFX, said: “We are delighted to welcome Rana Sugars to the exchange. This listing further demonstrates the appeal of the DIFX to companies right across our region. The exchange provides a high international profile and an excellent trading environment.”
Rana Sugars manufactures white crystal sugar. The proceeds of the GDR issue will be used to expand its sugar as well as its power generation capacities.
In March 2006, Man Industries, the Indian oil and gas pipeline supplier, listed GDRs worth $35 million on the DIFX.
Alshaali added: “Many Indian companies are seeking investment from the wealthy Gulf region and beyond. The DIFX’s proximity to India and its international standards make it the ideal overseas market for them to list on.”
