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Strategies & Market Trends : India Coffee House
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To: Mohan Marette who wrote (5844)8/25/1999 7:41:00 PM
From: Mohan Marette  Read Replies (1) of 12475
 
VSNL retail offering to hit market by Sept 20

vsnl.net.in
New Delhi
25 AUGUST

THE state-owned telecom carrier Videsh Sanchar Nigam Limited (VSNL)'s retail offering of equity in the domestic market divesting government stake would hit market between September 20 and 24, even as the company plans to list on an American bourse, a top company official has said.

The company has begun the process for retail offering of one million shares in the domestic market and the issue is expected to hit markets between September 20 and 24, acting chairman and managing director of the company, Amitabh Kumar, told reporters on the sidelines of a telecom conference here.

He also said VSNL would also list at one or more US bourses by December giving an option to its existing global depository receipt (GDR) holders to convert their receipts to American depository receipts (ADRs). On the domestic offer, he said the company would fix a target price of Rs 750 per share. VSNL would approach the registrar of companies by the end of the week, he added.

After the divestment, government stake in the company would come down to 52.8 per cent from 53.8 per cent. According to Mr Kumar, the company received the nod from the Sebi today and there were no further clearances required for the offering. ?PTI
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