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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY)

SIFY 14.30

-3.6%

2:47 PM EST

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To: Mohan Marette who wrote ()	11/15/1999 12:46:00 AM
From: Skeezix	Read Replies (1) of 1471

New Delhi 14 November THE Union government is planning to enhance the ceiling on overseas investments by domestic information technology (IT) companies listed on international bourses. Industry sources said the move will trigger an acquisition spree by Infosys Technologies and Satyam Infoway—the only two local IT companies that are listed on international bourses. Sources said the two companies will now be permitted to acquire companies abroad through proceeds from a global depository receipt (GDR) or American depository receipt (ADR) issue. Although the government is still working out the revised ceiling for such blanket clearances, it is likely to be between $300m and $500m a year, officials said. The finance ministry has already circulated draft guidelines on the special window to the commerce and industry ministries and the Reserve Bank of India, they said.

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