VSNL planning to list GDR on Nasdaq
The Videsh Sanchar Nigam Ltd is planning to list its global depository receipts either on the Nasdaq or New York Stock Exchange.
Termed a Type C listing, this is more an operational move, which will allow trading of VSNL's GDRs in the US. Currently, the VSNL GDRs are listed on the London Stock Exchange.
The GDRs are expected to be listed within the next couple of months. VSNL would be setting a precedent of sorts, as it will be the only company from India, and possibly Asia, to go in for such a multiple listing. The company's shares are traded on the BSE. Currently, private investors hold 45.6 per cent of the company's Rs 95-crore equity. VSNL had concluded two rounds of GDRs-the first in 1997 and second in February this year.
In 1997, 37.8 million GDRs- each representing one half of an equity share-were admitted to the official listing of the London Stock Exchange. This year, the company issued a further 17.4 million GDRs, each representing half an equity share. Together, these two GDR offerings constitute a stake of 45.6 per cent and the government holding has come down to slightly over 53 per cent following its recent 1 million domestic equity float.
Source : MI
Nov 17, 1999 |
