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

To: Mohan Marette who wrote (1013)	3/3/2000 8:23:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT Wipro plans $150 million ADR; J M Morgan Stanley appointed lead manager wipro.com Baiju Kalesh in Mumbai Information technology major Wipro Ltd has appointed J M Morgan Stanley as the lead manager for its forthcoming American depository receipts issue. Wipro may also appoint two more banks to manage its issue. Industry sources said Bank of America and Credit Suisse First Boston were likely to be appointed co-lead managers. The company is presently fixing the issue size at around $150 million. However, this may be increased later. The timing and number of shares to be issued will be decided in consultation with the merchant bankers. When contacted in Bangalore, a Wipro spokesperson said, "We have not taken a decision on the company?s overseas listing." Wipro chairman Azim Premji had earlier said that the company planned a US listing 'some day'. Premji holds around 75 per cent of the company's stake. The rest is with foreign financial institutions and the public. Sources claim that Wipro will utilise a part of the money to expand its overseas operations, mainly through acquisitions in the US and Europe. In the first nine months of the current financial year, Wipro's global research and development and telecom solutions divisions contributed 46 per cent of the software revenue, of which nearly 30 per cent was derived from services to telecom and datacom companies. The stockmarket has been expecting an announcement from Wipro on its overseas listing for quite some time now. Wipro shares have been consistently moving up after it announced record turnover at the end of the third quarter. The turnover jumped 28 per cent to Rs 1,562 crore ($340 mil) and post-tax earnings 118 per cent to Rs 203 crore ($45 mil). Wipro has been spreading its wings in the international market. It has already entered into a strategic alliance with Microsoft Corporation, under which Microsoft will outsource software development and testing to Wipro Technologies' overseas R&D division. Wipro has also signed a mobile computing alliance with Symbian. It is one of Symbian's designated competence centres and will work closely with Symbian licensees to offer a mix of product and business development, engineering and project management skills. J M Morgan Stanley had earlier submitted a report on the restructuring of Wipro?s business portfolio. Wipro's diversified portfolio includes consumer care products like soaps, lighting fixtures and hydraulics, besides computer software and hardware. -Business Standard