Wipro mulls ADR issue, undecided on timing: Premji
wipro.com
Mumbai
31 AUGUST
Wipro Ltd plans to make an offering of American Depository Receipts (ADRs) but has not yet decided on the timing, its chairman said on Tuesday. "We would eventually go in for an ADR issue. We have not decided the timing as yet," said Azim Premji, chairman, Wipro Ltd.
Mr Premji was elaborating on remarks made to a US news agency on Monday, which quoted him as saying that the company planned to list its shares in the US "in the not-too-distant future" with a view to building business through acquisitions.
In April this year, Mr Premji had told a news conference that Wipro had no immediate plans for an ADR issue, and did not see the strategic need for one in the next 12 months.
Mr Premji said on Tuesday that the company was expanding market reach in North America, Europe, Japan and in the Asia Pacific region, including India. "Our strengths in technology and quality, will help in our vision to grow our software exports ahead of the industry average," he said. ? Reuters |
