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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Nandu who wrote (3705)	2/11/1999 1:26:00 AM
From: Nandu	Read Replies (3) \| Respond to of 12475

VSNL Shares to Price at $9.00 Each. From Bloomberg. Thu, 11 Feb 1999, 1:19am EST India to Price VSNL Shares at $9.00 Each, Financial Times Says Mumbai, Feb. 11 (Bloomberg) -- India will price the shares of Videsh Sanchar Nigam Ltd. at $9, less than the price initially sought for its stake in the telephone company, because investors are concerned about government regulation, the Financial Times reported, without citing sources. The sale of 20 million shares and global depository receipts will raise about $181 million, compared to as much as $250 million originally expected. The government is willing to accept the lower price because it needs to show it's meeting its privatization goals before a national budget is presented at the end of the month, the newspaper reported. Credit Suisse First Boston and Salomon Smith Barney Inc., which are arranging the sale, said the transaction is oversubscribed. It will be priced today. (Financial Times 2/11. p.16, www.ft.com)