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India's Trent raises $50 mln via share sale-sources

Source : REUTERS
Last Updated: Sat, Mar 24, 2012 20:02 hrs

MUMBAI, March 13 (Reuters) - India's Trent Ltd on Tuesday raised 2.5 billion rupees ($50 million) through a share sale to institutional investors at 912 rupees a share, two sources with direct knowledge of the matter told Reuters.

The issue, which was launched late on Monday was oversubscribed nearly two times, said the sources, who declined to be named as the information was not yet public.

Domestic institutions, including the state-run Life Insurance Corporation of India, were among the buyers, said one of the sources.

Indian brokerage JM Financial Services and Standard Chartered were the lead managers to the issue, the sources said.

Trent, the retail arm of India's diversified Tata group, said on Monday its board had decided to open the share sale to institutional investors.

($1 = 49.9750 Indian rupees) (Reporting by Indulal PM and Sumeet Chatterjee; Editing by Rajesh Pandathil)



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