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

SIFY 10.79

-0.6%

Nov 7 9:30 AM EST

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To: Mohan Marette who wrote (764)	2/17/2000 7:49:00 AM
From: Mohan Marette	Read Replies (1) of 1471

SIFY prices ADS issue at US$80-Issue generated $2 billion worth of demand. Thursday February 17, 6:47 am Eastern Time India's Satyam Infoway prices ADS issue at US$80 HONG KONG, Feb 17 (Reuters) - Indian Internet company Satyam Infoway Ltd (NasdaqNM:SIFY - news) priced 1.625 million American Depositary Shares at US$80 each in a placement expected to raise about US$130 million, book runner Merrill Lynch said on Thursday. The company has granted Merrill Lynch an overallotment option of 250,000 ADSs. Each ADS represents one fourth of one equity share of Satyam Infoway. In filing for the sale with U.S. regulators earlier this month, the company had said it would use net proceeds to acquire the remaining 75.5 percent of IndiaWorld Communications as well as to fund network infrastructure expansion and enhancement, advertising and general corporate purposes. Ajmal Rahman, managing director of equity capital markets for Merrill Lynch (Asia Pacific) Ltd in Hong Kong, said the road show for the issue generated US$2 billion worth of demand. The price represents a 9.25 percent premium to Satyam Infoway shares seven day averge price, he said. The shares closed on Nasdaq on Wednesday at US$83 each. ``This reflects the excitement of the company and the potential of the Internet in India,' Rahman said.

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