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

To: Mohan Marette who wrote (874)	2/24/2000 8:58:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT Orient Infotech targets Nasdaq listing next fiscal orientinfotech.com Baburajan K MUMBAI, FEBRUARY 24: Orient Information Technology is planning a listing on the Nasdaq stock exchange during the next fiscal. As a precursor to the Nasdaq listing, the company has roped in Knav Consulting, a leading audit firm in Mumbai, to prepare the US GAAP accounting practices. During the next 18-months, Orient Information will invest Rs 10 crore of fixed assets for overseas and domestic operations. As part of the expansion plans, it will set up software development centres and representative offices. Another Rs 20 crore will be set aside for acquiring dotcom and infotech firms in countries like the US, the UK and Australia. Knav Consulting offers services on NYSE, Nasdaq listing regulations, procedures, US GAAP and SEC disclosure requirements. It also conducts business valuations, due diligence on mergers, acquisitions and joint ventures. Orient Information is also aiming to acquire a slew of dotcom firms in the country. Recently, the company concluded a deal to acquire a 40 per cent equity stake in cyberitmall.com , along with some individuals. "We are not planning to raise funds in the next couple of months. However, we may need money to part finance the proposed acquisitions. That is why we aim for a Nasdaq listing with an overseas float. Since the plans are at a premature stage, we cannot comment on the size of the issue," a top company official said. The company recently placed about 11 per cent equity shares with financial institutions such as Sun F&C and Alliance Capital to raise Rs 42 crore. The shares totalling about 3,499,700 were placed at Rs 120 per share. At present, the promoters hold about 45 per cent stake in Orient Information Technology, while FIIs and OCBs have 30 per cent and the rest is held by public. The shares of Orient Information, which has an equity base of Rs 11 crore with a capitalisation of Rs 600 crore, are hovering at Rs 650 on the Bombay Stock Exchange. For the year ending 1999, Orient's total revenue was Rs 28.92 crore ($6 mil) , with 35 per cent from the US, 25 percent from the UK, 25 per cent from the Middle East and 15 per cent from other areas. During the third quarter of 1999, the company's turnover increased by 77 per cent and net profit increased by 121 per cent. -Indian Express Newspapers (Bombay) Ltd.