Business Services Industry
Board of India-based Satyam Computer Services approves share issue.
Knight Ridder/Tribune Business News, December, 2004
The Economic Times, India Knight Ridder/Tribune Business News
Dec. 10--HYDERABAD, India -- The board of Satyam Computer Services has approved the proposal of a sponsored American Depository Share issue against existing equity shares of the company.
At a meeting held on Thursday, the board has also decided that the size of the sponsored ADS issue will not exceed 30m equity shares, equivalent to 15m ADS, including a greenshoe option, if any.
Each ADS of the company represents two existing fully paid-up equity shares of Rs 2 par value per share.
According to a company statement, the issue will amount to $360m, based on the closing price of the ADS on the New York Stock Exchange as on December 7, '04.
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