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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (6068)	8/30/1999 9:34:00 AM
From: Mohan Marette	Read Replies (2) of 12475

India allows ADR tranche rise for Satyam Infoway NEW DELHI, Aug 30 (Reuters) - India's Foreign Investment Promotion Board on Monday approved an additional issue of 1.65 million shares through American Depositary Receipts (ADR) by Satyam Infoway, an Internet subsidiary of Satyam Computer Services Ltd . ``The board has allowed Satyam Infoway to issue an additional 1.65 million shares for an ADR issue. The share premium is expected to be 790 rupees ($18.91),' a senior Industry Ministry official. The panel had earlier allowed Saytam Infoway an issue of 4.8 million shares through an ADR offering. The new approval is for an additional issue, the official added. ``The total amount likely to be raised is about five billion rupees,' he added. ($1 = 43.4 rupees) biz.yahoo.com

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