Satyam Infoway Ltd-(Nasdaq:SIFY) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

SIFY 11.62

+0.6%

Oct 31 9:30 AM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Mohan Marette who wrote ()	5/25/2000 3:13:00 AM
From: Prashant Buyyala	Read Replies (1) of 1471

Satyam to hit Nasdaq as it plans $500-700 million ADRs walletwatch.com Information technology Major Satyam Computers Ltd (SCL) is about to hit the Nasdaq market between August-September this year as it has decided to raise around $500-700 million through an American Depository Receipts (ADR) issue. This has already been approved by financial institutions including the Industrial Development Bank of India (IDBI). Mumbai-based merchant banker DSP Merill Lynch, which had already successfully managed Satyam Infoway's $125 million ADR issue in October last year is expected to lead manage this issue also. A decision has been taken in regard to relieve itself of its burden of Rs 330 crore debt and the raising of fresh funds is believed to be to make the major a debt free company. It has also decided to off load three per cent equity in Satyam Infoway to raise funds to clear its outstanding debts. PriceWaterHouse have been appointed as auditors in order to conform to the US Generally Accepted Accounting Practices (GAAP). A target of Rs 140 crore in March 31, 2000 has been set for net profit against a turnover of Rs 750 crore and the net profit is expected to touch Rs 160 crore in March 2002 as against a turnover of Rs 900 crore. While 65 per cent of the company's revenue comes from the offshore software development, the domestic operations account for the balance. 75 per cent of the revenues from company's offshore development accrue from its exports to the US. US, Germany and Japan are among the 60 in the client list of the company in addition to the seven offsite development centres it has. Non Resident Indians hold 30 per cent of the equity, Mutual Funds 15 per cent and public 22 per cent and the promoters 33%. The overall brand value of the company is estimated to be at Rs 1,516.72 crore ($347.79 million) as against Rs 517.82 crore, as per the company's annual report 1999-00. There has been more than a 100% increase in the economic value added of Satyam Computer Services for the year ended March 31, 2000, while its EVA as at March 31, 1999 amounted to Rs.40.15 crore.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next