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

On-Line Information Services, Database Vendors, Database industry, Infosys Technologies

---

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

Light Truck and Utility Vehicle Manufacturing, Trucks, Light Duty, Light duty trucks, Eicher Motors

---

Similar abstracts:

• Abstracts: INFOSYS TECHNOLOGIES. CORPORATE FORECAST: INFOSYS
• Abstracts: BSES NOT TO TAP FOREIGN FUNDS POWER PROJECTS TURN TO DOMESTIC CURRENCY BSES LIMITED
• Abstracts: SIX TVS Cos CONCLUDE LIBERAL WAGE ACCORD LOW PRICES FORCE POLYMER PLAYERS TO LOOK AT EXPORTS. SBL TO FOCUS ON EXPORTS TO BEAT LOCAL DOWNTURN
• Abstracts: RPG PLANS TO BE FIRST TO MAKE VITAMIN B2 MacNEAL-SCHWENDLER TO SET UP INDIAN UNIT. NAL FLIES WORLD'S FIRST WANKEL MICROLIGHT
• Abstracts: PIRAMAL PATENTS A PHARMA FORMULA IN HOT PURSUIT OF THE POTENCY PILL NICHOLAS IN INDUSTRIAL LIAISON WITH MIT

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.