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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY)
SIFY 12.98-13.5%3:59 PM EST
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To: Mohan Marette who wrote (648)2/10/2000 12:30:00 PM
From: Mohan Marette  Read Replies (2) of 1471
 
**OT** MTNL to list on NYSE around March 15

10-02-2000 14:19:11

Mahanagar Telephone Nigam Ltd (MTNL) will list its shares on the New York Stock Exchange around March 15, the state-run firm`s chairman and managing director said today. When asked when MTNL would list on the NYSE, Srinivas Rajagopalan said: "Around 15 March."

On January 25, Rajagopalan told Reuters the company`s American depositary receipt (ADR) listing on the NYSE was on schedule and was expected in six weeks time. Last month local media reports suggested that MTNL`s listing had been deferred along with a Central government proposal to disinvest about a 5% stake of the equity it holds in the firm.

MTNL offers fixed-line phone and Internet access services in New Delhi and Mumbai. It intends to start a cellular phone service soon. The NYSE listing will enable holders of MTNL`s global depositary receipts (GDRs) to trade on the U.S. exchange. But, it will retain its listing on the London Stock Exchange and the investors will have the option to convert their GDRs to ADRs.

MTNL raised Rs16.35bn ($375mn) in November 1997 through a GDR issue.

MTNL is all set to launch a GSM wireless telephone service in Delhi and Bombay by the middle of this year. "Maybe by middle of this year the company will be providing GSM services also, in a big way in the two cities," Srinivas Rajagopalan, chairman and managing director of MTNL told an industry conference. MTNL also provides fixed-line phone and Internet services in Delhi and Bombay.
Source: Reuters

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