INFOSYS GETS MoF CLEARANCE FOR $125-M ADR
Article Abstract:
Infosys Technologies has got the approval of the Ministry of Finance (MoF) for its $125 million American Depository Receipt (ADR) issue. This will make Infosys the first Indian company to issue ADRs and to seek listing on Nasdaq. The proposed issue also includes $50 million through employees stock options. The ADR issue will be managed by Nations Bank Montogomery Securities, BT Alex Brown International and Banc America Robertson Stephens and the Indian advisor will be Enam Financial. The issue is likely to collect a premium of 10 to 15 percent over the price of the underlying securities prevailing on BSE, implying a tentative price of $70-$75 per ADR. A listing of Infosys stock on Nasdaq and the option of issuing dollar-denominated shares will help the company to draw and retain talent from overseas markets. It will also help the company to create currency for acquisitions. (gsh)
Comment:
Ministry of Finance approves its $125-mil American Depository Receipt issue
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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EICHER TO DELIST FROM 5 BOURSES
Article Abstract:
Eicher Motors, a producer of light commercial vehicles, is delisting its shares from the stock exchanges of Delhi, Bangalore, Ahmedabad, Calcutta and Chennai. This is being done due to the low frequency and small trading volumes at these exchanges in the past few years. The company also feels that multiple listing is not necessary as the National Stock Exchange (NSE) has started screen-based trading across the country. The shares of the company will continue to be listed at the NSE, the Bombay Stock Exchange and the regional stock exchange of Madhya Pradesh. (khr)
Comment:
is delisting its shares from the stock exchanges of Delhi, Bangalore, Ahmedabad, Calcutta and Chennai
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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