Silicon Investor (SI) -- The First Internet Community

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) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (853)	2/23/2000 8:49:00 PM
From: Mohan Marette	Respond to of 1471

OT SSI gets nod for $100m GDR issue,NASDAQ listing later (Thursday, February 24, 2000) Sridevi Srikanth in Chennai City-based SSI Ltd yesterday got shareholders' approval to raise $100 million through a global depository receipt (GDR) issue of 10 million shares of $10 each. The issue is to be listed on the London Stock Exchange, while the number of equity shares underlying each GDR is yet to be finalised. Merrill Lynch, Hong Kong, has been appointed sole book runner to the issue, while Deutsche Bank will be the custodian. More than 80 per cent of the funds raised through the issue will be used for the offshore development centre of the company to be set up in the city. The balance amount will be used for acquisitions. Kalpathi Suresh, chief executive officer, SSI, said the company has opted for a GDR issue as it enables the company to raise money faster. That apart, the regulations for American depositary receipts make its listing more time-consuming than a GDR. SSI already meets the requirements of the Securities Exchange Commission, the market regulator in the US, for placements. SSI, which has teamed up with NASD, the parent company of Nasdaq, as a technology outsourcing partner for NASD's securities trading system, is set to complete the project. According to Suresh, NASD has announced that the second phase of its Japan project, with minimum features, will be "going testing" towards the end of 2000 followed by NASD Europe, in the first quarter of 2001. "If trading stations are to be actually installed and running by the end of the year, trial runs will have to start much earlier," Suresh said. At present, SSI has more than 80 per cent of its revenues coming in from education and training. Once the NASD project is implemented, Suresh said, the visibility of the company and its software development capabilities can be better leveraged. "Once we are seen as a qualified information technology solutions provider, we will get better valuations on Nasdaq," he said. "We are committed to Nasdaq as technology stocks get maximum valuation there," he added.