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

SIFY 11.49

-1.2%

9:30 AM EST

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To: Mohan Marette who wrote (1382)	3/28/2000 12:05:00 PM
From: Mohan Marette	of 1471

OT Wipro clears proposal to issue ADRs up to $500mn Wipro Ltd has cleared a proposal to issue American Depositary Receipts (ADR) or Global Depositary Receipts (GDR) up to $500mn, the Bombay Stock Exchange (BSE) said today. The Wipro board also cleared submission of an application to the Reserve Bank of India seeking blanket permission for making overseas acquisitions through cash or stock swaps up to $500mn before the issue of shares overseas and up to $10bn using proceeds of the issue afterwards, the BSE added. Wipro joins the list of over 20 Indian companies which have already announced plans to tap the US markets with an ADR issue. Wipro, which is one of the country?s leading software companies, also has interests in consumer products. The government recently relaxed rules giving more freedom to knowledge sector companies for making overseas acquisitions. News of an impending ADR issue has sent Wipro`s shares soaring. The stock closed at Rs6,009.25 at the Bombay Stock Exchange today, surging 39% in five days. Source: Reuters

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