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

SIFY 10.59

-3.4%

3:59 PM EST

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To: Mohan Marette who wrote (1278)	3/20/2000 10:22:00 AM
From: Mohan Marette	Read Replies (1) of 1471

OT Wipro to Float $150M ADR wipro.com By Uday Lal Pai India Correspondent, asia.internet [March 20, 2000--MUMBAI] Indian IT major Wipro has announced that it is launching its ADR issue at around US$150 million, which may be increased later. However, the timing and number of shares to be issued are yet to be finalized in consultation with merchant bankers. Wipro is seeking to acquire software companies both in India and abroad, and the ADR is expected to fund these activities, as part of Wipro's major expansion plans for its e-commerce business. The company has a presence in the Internet sector through Wipro Net, a joint venture with global telecom operator Royal Dutch Telecom. Wipro has appointed JM Morgan Stanley the lead manager for its forthcoming issue, and may appoint two more merchant bankers to manage its issue. Bank of America and Credit Suisse First Boston are likely to be appointed co-lead managers. Sources said that Wipro will utilize a part of the money to expand its overseas operations, mainly through acquisitions in the US and Europe. The recent boom in the stock price of Wipro made local IT mogul Azim Premji the world's third-richest individual. The stock market has been expecting an announcement from Wipro on its overseas listing for some time now. Wipro shares have been consistently moving up after it announced record turnover at end of the third quarter -- it jumped 28 percent to US$363 million, and the post-tax earnings went up by 118 percent to US$42 million. Wipro's stock, which crossed a historic milestone of US$46.8 million in market capitalization, has hogged the limelight at the bourses for over the past month.

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