Satyam files ADR papers
Source : ET
Jun 2, 1999, 9:46:11 AM
Satyam Infoway has completed the 'silence filing' of its F1 document, or the prospectus, for its proposed American depository receipts (ADR) issue, with the Securities and Exchange Commission (SEC) of the United States, according to sources.
However, a Satyam spokesman declined comment when asked whether the company has completed the filing of its prospectus.
Satyam Infoway is a fully owned subsidiary of Satyam Computer Services Ltd.
Early in April, the Foreign Investment Promotion Board (FIPB) had cleared Satyam Infoway's proposal to float an ADR issue of Rs 208 crore. The company is reportedly floating 41,75,000 shares of Rs 10 each at a premium of Rs 490, subject to the condition that it would not exceed 37.97 per cent of the equity.
A source said the 'silence filing' was completed a week back. The company will now await comments from the SEC, which is expected in the next 3 weeks.
Once the necessary changes are made following the comments from SEC, Satyam Infoway is expected to make a public filing of its prospectus.
"The company should be able to hit the road with its issue by late July," the source said.
Satyam Infoway is expected to be the second Indian registered company to be listed on a US Stock exchange. |
