Nishith Desai Associates advised Merrill Lynch International, the lead underwriter on the issue of global depository receipts by Indiabulls Real Estate in July on the Luxembourg Stock Exchange, which raised US$360 million.
Foreign interest in India’s real estate seems to be huge. According to investment bankers familiar with the matter, demand for the issue was close to US$1 billion and the company may exercise an 11.1% greenshoe option, which allows it to raise more money than originally planned.
Merrill Lynch was the sole book running manager for the issue.
It was the first time an Indian real estate developer raised capital from the international market.
Indiabulls Real Estate had originally announced plans to raise a US$200 million issue but raised it to US$400 million following the success of the DLF initial public offering at the end of June.
