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

To: Mohan Marette who wrote (850)	2/23/2000 7:40:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

SBI Capital to raise $217 mil for MTNL via the Net-SIFY developing the Software sbicaps.com SBI Caps to raise Rs 1,000 cr for MTNL on Net Tamal Bandyopadhyay MUMBAI, FEBRUARY 23: After Net broking, it's time for selling debt issues onthe Internet. SBI Capital Markets Ltd has bagged the mandate for managing the first-everdebt-raising programme in the country to be conducted on the Internet. The merchant banking arm of the State Bank of India (SBI) will raise Rs 1,000 crore ($217 mil) on behalf of Mahanagar Telephone Nigam Ltd (MTNL) through thebook-building route on the Net. SBI Caps managing director Birendra Kumar confirmed that the company has been chosen as the sole arranger and book-runner for the issue. *According to sources close to MTNL, Satyam Infoway* is developing the software for the issue, which will be privately placed*. The Rs 1,000-crore float will be followed up by another Rs 1,000 crore ($217 mil) public issue. Both the floats will be completed within the current fiscal. The issue is likely toopen before the budget, and the fund will be used by the Department of Telecommunications (DoT) for implementing its projects. MTNL will raise the amount through a five year instrument. The band on the coupon and the exact nature of the debt instrument are being worked out.A high level team from SBI Caps and the Satyam Infoway brass are in Chennai giving the final touches to the software. SBI Caps is expected to submit adetalied plan on the proposed private placement through the Internet to the Securities & Exchange Board of India (Sebi) over the next few days. Since the first tranche is not a public issue, SBI Caps will not use its website for the roadshow. Instead, the information memorandum will be addressed to the prospective investors to their e-mail addresses and, likewise, the bids will be accepted through the e-mail. "Even the pricing will be done onthe Net,"* the sources said. "This will be the first ever debt issue to be raised through the Net. We sawan extensive use of the Internet by SBI when it sold the Resurgent India Bonds to non-resident Indians (NRIs) the world over. In that case, however,the Net as a medium was used for advertising the instrument. -The Indian Express Newspapers (Bomaby) Ltd.