Here is the deal, see if you can figure out whether there is going to be any material effect. I don't think there is any as all it means is after the split 4 ADSs will represent 1 equity share instead of the pre-split 1:1 ratio.
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SATYAM INFOWAY LIMITED ANNOUNCES 4-FOR-1 ADS SPLIT
Madras, India, December 20, 1999 - Satyam Infoway Limited (Nasdaq: SIFY), based in Madras (Chennai), India, announced today that its Board of Directors approved a 4-for-1 split of the company's American Depositary Shares ("ADSs") which are listed on the Nasdaq National Market. The holders of record of Satyam Infoway's ADSs as of January 5, 2000 will be entitled to three additional ADSs for each ADS held on that date.
The company's equity shares, which are not publicly traded, will not be split. Consequently, four ADSs will represent one underlying equity share. As of December 20, 1999, Satyam Infoway had 21,782,250 equity shares (of which 4,801,250 equity shares were represented by 4,801,250 ADSs) outstanding. Upon completion of the ADS split, the number of outstanding ADSs will increase to 19,205,000. |
