Suzlon Energy and Tata Steel have both raised $702 million combined through a issue of global depositary receipts (GDRs) and bonds. Both the companies announced their issues yesterday and have managed to raise more than initial targets.

Tata Steel today said that it has raised $500 million through an issue of GDR. The steel company will issue 65.41 million GDRs at $7.644 each, with each unit representing one equity share. The fundraising exceeded the earlier target of $400 million. The GDRs will be listed on the London Stock Exchange. The joint bookrunner for the deal were JPMorgan, Goldman Sachs, UBS and Citigroup.

Suzlon has raised $202 million through an issue of GDR and bonds to overseas investors. The wind turbine maker said informing the exchanges that it would issue 14.6 million GDRs at $7.4 each, raising $108 million. Each GDR would represent four equity shares of the company. Suzlon has also raised $93.87 million through zero coupon convertible bonds.

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