VSNL Shares to Price at $9.00 Each.
From Bloomberg.
Thu, 11 Feb 1999, 1:19am EST
India to Price VSNL Shares at $9.00 Each, Financial Times Says
Mumbai, Feb. 11 (Bloomberg) -- India will price the
shares of Videsh Sanchar Nigam Ltd. at $9, less
than the price initially sought for its stake in
the telephone company, because investors are
concerned about government regulation,
the Financial Times reported, without citing sources.
The sale of 20 million shares and global depository
receipts will raise about $181 million,
compared to as much as $250 million originally
expected. The government is willing to accept
the lower price because it needs to show it's
meeting its privatization goals before a national
budget is presented at the end of the month,
the newspaper reported.
Credit Suisse First Boston and
Salomon Smith Barney Inc.,
which are arranging the sale, said the
transaction is oversubscribed. It will be
priced today.
(Financial Times 2/11. p.16, www.ft.com) |
