Chennai-based Hinduja Foundries Limited, which operates as an automotive jobbing foundry in India, has informed that the company has successfully raised $15 million through the GDR issue offering of 71,42,856 GDRs.

The issue opened on April 14 and would close today. Each GDR is priced at $2.10. The GDRs would be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market.

The Company has allotted 23,80,952 equity shares of Rs 10/- each in favor of The Bank of New York, the depository as underlying shares for the aforesaid GDRs. Three GDRs represent one underlying equity shares in the company.

Amas Bank (Switzerland) Ltd acted as the Lead Manager on this transaction and Rajani Associates acted as Indian Legal Counsel to the transaction.