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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Taikun who wrote (238)	11/26/1999 3:59:00 PM
From: Mohan Marette	Respond to of 1471

<-OT-> MTNL to seek NYSE listing Taikun: Here is some info on MTNL Our Bureau (Business Line) NEW DELHI, Nov. 26 MAHANAGAR Telephone Nigam Ltd (MTNL) will now seek to create a listing first on the New York Stock Exchange (NYSE) before taking a view on the launch of its proposed GDRs, according to officials here. The company is now in the process of complying with US GAAP, prior to the listing exercise. The NYSE listing will help the telecom major to hawk its GDR issue when it is launched early next year, officials said. At that time, investors will be offered the option of converting their existing GDRs into ADRs. MTNL's first GDR issue, aggregating $358 millions, was completed in 1998. The issue size of the proposed second tranche will be close to $100 millions. The issue was originally scheduled for a launch during the second week of November, following the advice of investment bankers. According to officials, pricing expectations were being dampened due to fears of international investors over Y2K, as well as the slide in stock prices in the domestic market.