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

To: Mohan Marette who wrote (992)	3/2/2000 9:01:00 PM
From: Mohan Marette	Read Replies (2) \| Respond to of 1471

MTNL board clears NYSE listing by Mar 15 Rupali Mukherjee & Siddharth Zarabi NEW DELHI, MARCH 2: Mahanagar Telephone Nigam Ltd's (MTNL's) Rs 1,000 crore ($217 mil) bond issue is being pegged at a coupon rate band of 10-10.75 per cent. The details were finalised at a board meeting held in Delhi on Thursday. The other items on the agenda which were cleared included the cellular project,delegation of powers, and the proposed NYSE listing by March 15. Top sources said that this was a sign of the progressive softening of interest rates in the last few weeks. This is significantly lower than the recently floated Power Finance Corporation's (PFC) Rs 300-crore issue at 11.9 per cent and Steel Authority of India Ltd's (SAIL's) Rs 500 crore bond issue at 12 per cent. The sources said that MTNL is raising Rs 500 crore, with a green-shoe option of another Rs 500 crore through the book-building route. The five-year paperhas a three year put and call option, and was floated on March 1. MTNL plans to raise an additional Rs 1,000 crore ($217 mil) within this fiscal. The modalities of the issue are yet to be finalised. The company is raising Rs2,000 crore ($435 mil) for the Department of Telecommunications (DoT). The funds are meant for expansion plans and implementation of current projects. The bond issue is unique, as it is the first to be on the Internet. The information memorandum of the issue will be addressed to prospective investors through their email addresses and, likewise, the bids will beaccepted through email. But at the same time, since all investors do not have email access, the bids can also be made on the usual hard copy. The hard copy of the bond issue is necessary at the moment, as Cyber laws are not in place in the country and signatures are recognised if they are on paper. -Indian Express Newspapers (Bombay) Ltd.