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

SIFY 14.51

-2.2%

3:10 PM EST

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To: Mohan Marette who wrote (581)	2/3/2000 8:50:00 PM
From: Mohan Marette	Read Replies (1) of 1471

Satyam Infoway Files With U.S. SEC to Sell 3 Million ADRs 2/3/00 3:29:00 PM Source: Bloomberg News Washington, Feb. 3 (Bloomberg) -- Satyam Infoway Ltd., the second-largest Indian Internet service provider, filed to sell 3 million American depositary receipts worth almost $146 million at current prices. Much of the money raised by the stock sale would be used to acquire the rest of IndiaWorld Communications Pvt. Ltd., a provider of Internet content and services, according to a filing with the Securities and Exchange Commission. About $15 million of the proceeds would be used to fund network infrastructure expansion. Underwriters for the share sale would include Merrill Lynch & Co. and Salomon Smith Barney. Each ADR represents one-fourth of an equity share. The number of equity shares outstanding would increase by 3.4 percent to 22.5 million, based on details in the filing. Satyam said it expects to raise about $123.3 million from the offering, after expenses, if ADRs sell at Tuesday's closing price of $43.44 apiece. Satyam ADRs rose 1 3/8 today to 48 5/8. Satyam in November bought 24.5 percent of IndiaWorld Communications for $28 million and has an option to buy the rest of the company, exercisable between April 1 and Sept. 30, the filing said.

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