Rana Sugars Limited, the North India-based sugar refiner, will tomorrow become the second Indian company to list on the Dubai International Financial Exchange (DIFX).
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.”
The DIFX is the region’s first international financial exchange for equities, bonds, Islamic products, funds, index products and derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.
The exchange launched in September 2005 and currently has 13 Member banks – Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, HSBC, KAS BANK, Morgan Stanley, SHUAA Capital, UBS, Merrill Lynch, Mashreq Capital (DIFC) and ABN AMRO.
The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. www.difx.ae
