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

SIFY 10.33

-2.8%

11:38 AM EST

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To: Mohan Marette who wrote (702)	2/14/2000 1:52:00 PM
From: Mohan Marette	Read Replies (1) of 1471

OT Pentasoft Tech raises Rs2.5 bn 14-02-2000 20:00:16 Pentasoft Technologies Ltd has raised over Rs2.5bn by privately placing shares with a clutch of investors at a cut-off price of Rs798 per share, a statement from SBI Capital Markets Ltd which arranged the deal said today. The private placement to foreign institutional investors, banks, corporates and mutual funds is part of the 10mn shares being issued by it to part-finance acquisition of the software division of a group company, it said in a statement. Pentasoft Technologies was earlier called Pentafour Communications Ltd. It acquired the software division of Pentamedia Graphics Ltd for $205mn for a cash-cum-stock deal in December last year. The placement is a prelude to a proposed $75mn offering of American Depository Receipts (ADR) by the company, the statement added. "The balance shares are being allotted to Pentamedia Graphics at the same price," the statement said. Pentasoft shares closed Rs38 lower at Rs820 at the Bombay exchange today. Pentasoft`s director K. Srinivasan had told Reuters earlier that the private placement had been completed and the proceeds of Rs8bn would be used to pay the cash portion to Pentamedia for its software business. Other company officials had also said earlier that Pentasoft Technologies had decided to pay the entire amount in cash instead of a cash and stock combination. Source: Reuters

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