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

To: Mohan Marette who wrote (950)	2/29/2000 12:45:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

India- Reserve Bank of India to announce overseas acquisition cap Tuesday February 29, 12:35 pm Eastern Time BOMBAY, Feb 29 (Reuters) - Indian Finance Minister Yashwant Sinha said on Tuesday the Reserve Bank of India (RBI) will in the next few days decide on the overseas acquisition limit for companies that have issued American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs). Sinha announced in his budget that the cap on automatic approval for overseas acquistions would be raised to $50 million from $15 million, beyond which it requires approval from the Investment Board. There is a current absolute limit of $100 million, which Infosys Technologies (NasdaqNM:INFY - news), India's leading software company, says is too little. ``We have a case pending and I have said in my speech that this matter is something on which the RBI is going to pronounce,' Sinha told private television news channel CNBC India. Asked what the ceiling would be, Sinha said: ``I think in the next few days when the RBI comes out they will very clearly mention it.' Infosys was the country's first firm to list on a U.S. exchange, and raised funds abroad with the intention of making an aquisition. The firm's chairman and chief executive officer N.R. Narayana Murthy said on Tuesday he was disappointed the 2000/01 (April-March) federal budget did not hike the limit.